On Tuesday (February 2), Ethereum (ETH) broke through the $1500 resistance level to set a new all-time high (ATH); interestingly, this came just four days after Grayscale Ethereum Trust resumed the private placement of its shares.
According to data by TradingView, on crypto exchange Bitstamp, at 19:55 UTC on February 2, Ether surged past the psychologically important $1500 level for the first time ever and reached its the intraday high of $1548.00 at 22:33 UTC.
As for today, at 06:42 UTC, ETH reached $1572.75, setting a new ATH. Currently (as of 11:26 UTC), ETH is trading at $1554.50, which makes Ether’s market cap around $178 billion.
To celebrate ETH entering price discovery zone, crypto analytics firm IntoTheBlock tweeted a few interesting facts about the world’s second most valuable cryptoasset:
$ETH breaks the $1500 barrier for the first time and enters into price discovery.
And to celebrate the ATH, here are some facts:
– 100% addresses profitability
– On-chain transactional activity back to Jan 2018 numbers (averaging 1.16m daily)
– 52.38m addresses holding ETH (ATH) pic.twitter.com/wBahuL8UIk
— IntoTheBlock (@intotheblock) February 2, 2021
Popular New Zealand-based crypto analyst Lark Davis (@TheCryptoLark on Twitter) expects Ether’s price rally to continue once the Galaxy Ethereum Fund, which is expected to launch around the middle of this month, becomes available to institutional investors.
#ethereum pumping 2 weeks before Galaxy Digital Ethereum funds open, if you bought before today then you beat most institutions to the punch.
— Lark Davis (@TheCryptoLark) February 2, 2021
The craziest part about the $ETH move higher is we've barely started pumping.
(using historical price vs btc as a measure) pic.twitter.com/zJfYxMvbMl
— Luke Martin (@VentureCoinist) February 3, 2021
Mohit Sorout, Founding partner at Bitazu Capital, said earlier today that although many crypto market participants hesitated buying ETH when it was below $1500, last month there were only two dip buying opportunities and they did not last long.
$eth is up 140% in the past one & a half months and it presented only 2 dip buying opportunities — 11 jan and 21 jan but the selloff was so fast AND deep that all btfd theses went out the window.
Crypto trends are built different. https://t.co/iwL33azzRU
— Mohit Sorout 📈 (@singhsoro) February 3, 2021