Ether is flying to the moon?
Ether hit its all-time high again on Feb. 2, reaching the psychological mark of $1,500. Since then, its price has remained above this level and is currently sitting at around the $1,700 mark. Along with Bitcoin (BTC) and other cryptocurrencies, Ether (ETH) has seen outstanding price action since the start of 2021, having surged by 10.46% in a month.
While Bitcoin has also been seeing positive price action, it is shy of its previous all-time high of $41,941 reached on Jan. 8. Ether volumes have been on the rise. According to market data provider CryptoCompare, spot volumes reached their all-time high on Jan. 11, with volumes for the month being up by 320% from December 2020.
Alongside increasing volumes, data from analytics firm CryptoQuant shows that the amount of Ether held on centralized exchanges has been declining to new lows, signaling increased buying pressure for ETH |
