Ethereum, the world’s largest altcoin, appears to be intent on breaking its own record, right after bitcoin’s record-breaking rise in the past few weeks. At the end of a year highlighting mixed fortunes for the Altcoin community, ETH finally surpassed the highly anticipated $ 1000 mark, the last level it touched in February 2018.

 

Ethereum rose hard

At the time of writing, ETH has increased by over 35% within 24 hours. The price is currently trading at the $ 1145 level.

This is a big deal for altcoin, especially when Ethereum broke the $ 1000, it happened just hours after it crossed the $ 850 mark.

Ethereum’s price action has come after many developments in its ecosystem. The active supply of Ethereum at 3m-6m (1d MA) not only dropped to a 5-year low, but its hash power also skyrocketed to an ATH.

 

On new ATH cards

The first is a particularly good sign as it highlights the strength of HODLing sentiment among Ethereum’s investors and traders. There is good reason to be optimistic about the short-term price action of ETH, behind the launch of the Ethereum 2.0 sign chain formation block in early December and the Chicago Mercantile Exchange announcing Ether futures.

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At the time of writing, ETH was 30% lower than its last touched ATH in January 2018. With Bitcoin bypassing its previous ATH like a freight train, many expect altcoin to do the same.

In light of the momentum in the ETH market, combined with increased interest and demand, it can be argued that Ethereum has the best risk / reward potential in 2021. If this really happens, the cards might have a new ATH.

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