Ethereum has recorded impressive gains in recent days as it has returned more than 51% to its investors in 2021 alone.
The world’s utility crypto outperformed Bitcoin (30%) on its year to date performance amid record-buying pressure from institutional and retail investors.
However, at press time, Ethereum traded at $1,175.50 with a daily trading volume of $40.2 Billion. Ethereum is down 2.47% for the day. It presently has a market value of $134.2 billion.
Glassnode, a crypto analytic firm, revealed:
“Ethereum Percent Addresses in Profit (1d MA) just reached a 2-year high of 99.293%. A previous 2-year high of 99.277% was observed earlier today.”
- Metric Description: The percentage of unique addresses whose funds have an average buy price that is lower than the current price.
“Buy price” is here defined as the price at the time coins were transferred into an address. Only Externally Owned Addresses (EOAs) are being counted, contracts are excluded.
Previous 2-year high of 99.277% was observed earlier today
— glassnode alerts (@glassnodealerts) January 8, 2021
Before Ether’s break above the $1,000 mark, recall that a highly respected crypto strategist and crypto investor, Michaël van de Poppe, recently spoke on his outlook on Ethereum and how high the world’s most popular utility crypto could go.
In a YouTube interview seen by Nairametrics, the crypto expert spoke in detail on how Ethereum could breach its all-time high of $1,432.
- “Currently, we’ve got a clear block holding as support that we are actually holding as support and we can see that we are making higher lows, higher highs. There was the crucial level to hold at $530… What I want to see holding in general is this area around $530. If we do lose that, then we get the best entry zone that we initially made here, which is around $470, $490 to $450.”
He also spoke on why Ethereum’s recent breakout sets up the second-largest crypto for a move above its all-time high of $1,432.
- “Given that we are currently searching, even more, I have to redo the Fibonacci levels and then you can see that the next impulse wave is most likely somewhere in 2021, maybe Q1 2021. Already, we’re going to see a rally towards the all-time high. That’s going to be the next one.”