Ethereum (ETH) price broke the record at $ 1,750!

The price of Ether (ETH), the largest altcoin position, approached its recent high of $ 2,000 on February 5th.

1-hour candlestick chart (Bitstamp) for the ETH / USD pair. Source: TradingView

Ethereum price breaks a record at $ 1,750

There was a new break in the ETH / USD pair on Friday trading day, according to data from Cointelegraph Markets and TradingView.

In preparation for the news, it had seen a short correction after the price of Ether rose above $ 1,750. While the daily increase was calculated around 6.5 percent, the weekly return reached 22 percent.

Ether and Bitcoin price performances since the beginning of the year. Source: Digital Assets Data

The uptrend came thanks to the heavy transaction volume experienced in DeFi protocols. Because these protocols mostly benefit from the Ethereum network.

Meanwhile, Ether took off with the support of the CME Group, the pioneer of Bitcoin futures operators. Asset management giant Grayscale started buying ETH for Ether Trust this week after a break of nearly two months.

Gas charges are a headache

Well-known cryptocurrency figures, including Gemini exchange co-founder Tyler Winklevoss, expressed positive opinion on price performance, while transaction fees skyrocketed.

As Cointelegraph reported, Gas fees on the Ethereum network soared this week that some exchanges had to stop ETH withdrawals altogether.

According to data from YCharts, the average ETH fee was $ 23.27 on Feb. 4.

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