- Ethereum hits another new all-time high as the bulls anticipate gains above $ 2,000.
- ETH whales are buying as the price rises to higher highs.
- Rumors around Ethereum could show a bearish signal that could lead to a correction.
Ethereum has gradually followed in the footsteps of Bitcoin to reach a new all-time high. The cryptocurrency is now trading above $ 1,800 while fostering an uptrend towards $ 2,000. Bitcoin has also hit a new all-time high on Monday at $ 47,625.
Ethereum begins the journey to highs above $ 2,000
Most technical indicators appear to have lined up in support of a breakout to price levels beyond $ 1,800. Although Ether is trading at $ 1,815, the RSI on the 4-hour chart suggests that the bullish move has just started.
The trend strength indicator has not yet reached overbought levels. Therefore, ETH has room to rise in the short term. Also, the RSI has broken above the divergence line, which in turn reinforces the bullish outlook.
ETH / USD 4 hour chart
The growth of the Ethereum network has started to recover after a crash, as shown in the graph developed by Santiment. The increase in the number of newly created addresses came in conjunction with the rally to $ 1,700 and the recent rise above $ 1,800. If the growth of the ETH network continues to increase, we can expect the token price to reach the expected level of $ 2,000 in the near term.
Ethereum network growth
Ethereum whales at a shopping party
Ethereum adoption by high volume holders continues to skyrocket amid new all-time highs. In other words, Ethereum’s uptrend can be unstoppable, especially with buying pressure on the rise.
Santiment’s headline distribution highlights an increase in whales holding between 100,000 and 1 million ETH. Addresses in this range skyrocketed from 154 on February 6 to 157 on February 8.
At the same time, addresses with 1 million to 10 million ETH increased from one to nine in the same period. The steady growth of whales will have a ripple effect on buying pressure, favoring the breakout.
Ethereum network growth
Looking across the fence
Ethereum’s social volume has also increased significantly. The rumors surrounding the cryptocurrency are a reflection of speculation of higher highs. However, a higher volume of social media is not a bullish sign. Usually the asset finds it difficult to maintain the uptrend, which could lead to a correction.
Volumen social de Ethereum
On the other hand, staying above the critical $ 1,800 is key to ensuring that Ethereum stays on the path to higher highs. However, a fix can enter the picture if this support is lost. Other critical support zones are $ 1,700, the 50 SMA and $ 1,500.
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