Ethereum surges past $1000! Is a new ATH on the cards?
Hot on the heels of Bitcoin’s record-breaking bullish rally over the past few weeks, it would seem that Ethereum, the world’s largest altcoin, is intent on breaking a few records of its own. On the back of a year that noted mixed fortunes for the altcoin’s community, ETH finally surged above the much-anticipated $1000-mark, a level it last touched back in February 2018.
At the time of writing, ETH had surged by over 10% in a matter of 12 hours.
This is a big deal for the altcoin, especially since Ethereum’s $1000-breach came within hours of it breaching the $850-mark. Ergo, it is evident that the hike in ETH’s price has been perhaps as exponential as the one registered by Bitcoin, with the world’s largest cryptocurrency also knocking off one resistance level after another over the past week.
Ethereum’s price movement came on the back of quite a few developments in its ecosystem. Not only did Ethereum’s active supply 3m-6m (1d MA) fall to a 5-year low, but its hashrate sky-rocketed to an ATH too.
The former is an especially good sign since it highlights the strength of the HODLing sentiment among Ethereum’s investors and traders. On the back of Ethereum 2.0 beacon chain’s genesis block going live in early December and the Chicago Mercantile Exchange announcing Ether Futures, there is good reason to be optimistic about ETH’s near-term price movement.
This article is being updated….
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