Ethereum’s Price Reached Highest Level Since 2018: Price Analysis

Ethereum’s Price reached the highest level since 2018 thanks to Bitcoin and its skyrocketing movement and setting a new all-time high above $23,000 so let’s read more in today’s Ethereum price news.

ETH is now trading above $646 according to the data from Nomics which marks a new yearly high and the new highest level since May 2018. The second biggest crypto by market cap after BTC is now up 10% in the past day and 33% in the past month. In the course of one year, it’s perceived value increased by 355%.  At the start of the year, the asset was trading under $140 and dropped to new yearly lows of around $110 in March as the Coronavirus pandemic led to more shutdowns and crash of the world economies.

Ethereum however has performed better than BTC this year and BTC was hardly slouched as today it hit the $23,000 price point for the first time ever. Unlike BTC, ETH is still quite far from the all-time high of $1,392 which was reached in January 2019 but Bitcoin is going further from its December 2017 all-time high with no signs of stopping. During the 2017 period, CME and Cboe both implemented BTC futures trading which could have helped perpetuate the bullish price movement in the short-term. CME also announced ETH futures trading which is slated to begin in February 2021.

As recently reported, Where will the altcoins trend in the near term largely depend on ETH’s reaction to $600 as this was a level for the cryptocurrency that was hampering its growth. Breaking above these levels was fleeting with sellers controlling the region between $600 and $620. A firm break above these levels into a resistance could turn the altcoins rocketing higher and as one analyst noted to the crypto’s trading pair with Bitcoin, he is looking to a reaction to a key level to see whether the altcoin market will follow in the mid-term.

Ethereum’s price reached a new high level and the price action was holding serious sway over the Defi market with the general trend guiding the smaller market fragments. It also gained a strong influence over other parts of the market with the overall state of bigger altcoins being correlated with BTC and ETH. Now, the altcoins depend on these price movements as one analyst noted while closely watching ETH see a bullish breakthrough before he drops deeper into the altcoins, noting that he is watching to see how the cryptocurrency will respond to one key level.