Ethereum price gaining momentum. While most of the cryptocurrencies are languishing far away from their all-time highs but Ethereum has bridged the gap between its price a week ago and the all-time high. It is just $ 100 away from the all-time high. Also, the news around Ethereum refuses to die down. Fortunately enough for the investors, the news is entirely positive as well which is actually good for the investors.
Ethereum price support:
While earlier, Ethereum took support at the price of around $ 900 per token but since then, it has crossed even is $ 1020. The next major resistance currently for the cryptocurrencies along with $ 1062. This is the 61.8% Fibonacci retracement level. Since then, it is crossed to that as well. Therefore, since then it is just $ 100 away from the all-time high.
The trigger, in this case, was the news from the Davos that many of the companies are actually discussing this cryptocurrency.
The applications of Ethereum are much greater
Currently, the applications of Ethereum are much greater as compared to some of the other cryptocurrencies. Even when you compare it with ripple, you would realize that the application of Ethereum is actually much more widespread. Also, Ethereum mining is currently profitable as well. Owing to this very reason, there are plenty of miners who are trying to lend the processing power of the mining rigs in order to on Ethereum. This is one of the main reasons why the demand for Ethereum is also pretty high.
More and more ICO’s as well as companies are trying to use the Ethereum blockchain
Also, more and more ICO’s as well as companies are trying to use the Ethereum blockchain as well in order to make it easier for them to sell products as well as services to their customers. This is one of the main reasons why the demand for Ethereum is increasing.
Ethereum is actually able to cross the older highs
It remains to be seen how soon, Ethereum is actually able to cross the older highs. For now, however, it has already rallied around 15% to 20% from the levels at which it was just a week ago. Therefore, in this bear phase in cryptocurrency market, Ethereum is surely outperforming. It remains to be seen whether some of the other cryptocurrencies also gain some momentum. For now, however, it seems like Ethereum is the only cryptocurrency which is actually gaining some momentum due to the news flow around it.
As the applications of Ethereum increase more, one thing which is for sure is that it might be able to cross the older highs as well. If it does that, in the next few days it would be the 1st major cryptocurrency to hit new highs.