August 5, 2021

Key Ethereum price metric signals pro traders are skeptical about $2K ETH

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In the last 24-hours, Ether (ETH) rallied above $1,900 to a new all-time high and this breakout reflects a strong 45% gain for just February alone. Aside from Ether following Bitcoin’s (BTC) bullish momentum, the move has been partially fueled by the news that BlackRock is considering future cryptocurrency investments and Microstrategy’s $900 million convertible notes offer to buy more Bitcoin.

Ether / USD prices at Coinbase. Source: TradingView

The growing popularity of decentralized exchanges (DEX) has also been a huge booster of Ether price and earlier this week Uniswap reached $100 billion in cumulative volume. This signals just how relevant the Ethereum-based DeFi ecosystem has become.

The steady advancements in the Ethereum 2.0 Beacon Chain are also proving positive for Ether’s price action, especially the HF1 fork upgrade proposal from Vitalik Buterin. The most significant change is the support for light clients which are essentially nodes that can run on mobile devices. This would allow users to verify the blockchain on their own instead of relying on externalTitle: Key Ethereum price metric signals pro traders are skeptical about $2K ETH
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Published Date: Thu, 18 Feb 2021 21:22:53 +0000