Ethereum hits new all-time high near $2K as analyst says 2021 bull run is different

Ether (ETH) hit fresh all-time highs and neared $2,000 for the first time on Feb. 18 as momentum returned to trading.

ETH/USD 1-day candle chart (Bitstamp). Nguồn: TradingView

ETH sets sights on $2,000

Data from Cointelegraph Markets and Tradingview showed ETH/USD coming within 4% sau đó $2,000 barrier on Thursday.

After spending much of February trading sideways with modest upward momentum, the largest altcoin reawakened this week. Tại thời điểm viết, daily gains totaled more than 4%, with Ether clocking new all-time highs of $1,930.

In a fresh market update, Cointelegraph Markets analyst Michaël van de Poppe forecast a potential breakout to $2,200 should bulls successfully tackle $2,000.

Due to the extended period spent at just below that level, Tuy nhiên, it was important that these hold as support in order to avoid a dramatic retracement.

"Tuy nhiên, một lần nữa, quite a tricky breakout, so you basically have to watch that zoneat $1,820,” he summarized.

A failure of support would in turn bring $1,400 trở lại chơi, this potentially coming if Bitcoin (BTC) also sees a correction from near all-time highs of its own, Van de Poppe added.

Như Cointelegraph đã đưa tin, Ether’s gains have outstripped Bitcoin in 2021, with year-to-date gains of 164% versus around 85% for BTC/USD.

BTC and ETH year-to-date performance. Nguồn: Dữ liệu tài sản kỹ thuật số

Sellers fail to materialize

Trong khi đó, data coming to light this week sheds some light on long-closed events, which could have aided Ether’s meteoric rise.

Published by Ki Young Ju, CEO of on-chain analytics service CryptoQuant, withdrawal figures for Coinbase show three very large tranches of around 200,000 ETH leaving the exchange for private wallets in 2020.

Coinbase ETH outflows chart. Nguồn: CryptoQuant

According to Ki, these could have come in the form of large volume investors closing over-the-counter (OTC) deals similar to what was previously observed with Bitcoin.

“There were three consecutive massive $ETH outflows from Coinbase cold wallets last year,” he wrote in comments alongside a chart showing the transactions.

“Speculative guess but those might be OTC deals for institutional investors like $BTC Coinbase outflows.”

Ki suggested that it may be worth setting alerts to monitor similar behavior in case this is a trigger for price performance.

“$ETH all-time high in 2021 is different from 2018,he added in a further tweet on Thursday.

Fewer deposits, more withdrawals across all exchanges. Selling pressure significantly weaker than in 2018.

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Nguồn: Cointelegraph

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