The Ethereum network’s native cryptocurrency, Ether (ETH), reached its all-time high on January 25.
Ether, the largest altcoin position, entered a long declining trend after its previous record level at the beginning of 2018 and always lost value until 2019. In particular, with the boom in the decentralized finance (DeFi) industry in 2020, Ether price also gained strength.
Ethereum Price Index: How many TL (ETH TL) for Ether?
The record price of $ 1,440 at the beginning of 2018 was raised to $ 1,475 as of January 25.
The share of those who develop applications on Ethereum is large
Weekly candlestick chart for ETH / USDT pair (Binance). Source: TradingView
For Ethereum, the cryptocurrency community looks with hope. Anthony Sassano, a longtime Ether investor and marketing manager at Set Protocol, emphasized the growth of cryptocurrency in three years. Developers in the Ethereum ecosystem have made a significant contribution to this. told:
“It may be hard to believe it, but profits aren’t the main reason the rise in the ETH price is so dizzying. The truth is that many Ethereum community members have continued to develop projects for three years even while a brutal bear market prevails. And they are now being rewarded.”
What does Ether do now?
On-chain data provides hints that the ETH price rally may just start.
According to Santiment researchers, there was a correlation between project development activities on Ethereum and the price of ETH.
Ethereum price vs. Github efficiency. Source: Santiment
This trend reveals that the ongoing ETH rally has strong fundamentals and a lot of interest from developers. Consequently, sustainability is increasing.
Alex Saunders, a cryptocurrency investor, said that most people are positive about Ethereum. told:
“2 years ago the price of ETH dropped 90 percent in nine months and hit $ 80. […] We have now reached a new all-time high. Network effects are undeniable and most experts agree it is one of the most valuable coins. I love it.”
In the foreseeable future, there are two scenarios for ETH: ETH will be added to CME futures in February, and the price could rise thanks to large inflows of institutional capital.
On the other hand, if the momentum of the ETH / BTC pair slows down, ETH may decline after its all-time high.
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