The price of ETH has passed the $1,570 mark, reaching its new all-time high on Tuesday
The second-largest cryptocurrency by market cap reached new all-time high levels due to its booming fundamentals. DeFi sector growth, on-chain activity, as well as the strength of the ETH options market all contributed to the push past the $1,500 mark.
Ethereum fundamentals and past performance
Analysts at Laevitas, a data analytics platform, claimed in a statement that 80% of Deribit’s ETH volume consisted of options market calls, suggesting buyers are rushing in to buy at this new high.
Taking a look at the weekly performance, ETH managed to post week-over-week gains of 20.31%, outperforming BTC’s gain of 15.23%.
At the time of writing, Ether is trading for $1,550, representing a 35.53% gain compared to last month. The second-largest cryptocurrency by market cap currently boasts a market value of $175.48 billion.
ETH/USD daily chart price breakdown
Taking a look at the daily chart, we can see that Ether broke out of its sideways trading range, which some have labeled as an ascending triangle. The cryptocurrency found great support in its 21-day EMA, and kept creating higher lows on the same highs as the EMA went up. This technical formation, alongside its great fundamental outlook, has pushed ETH past the $1,500 level and into price discovery mode.
Due to its descending volume, it is not likely that ETH will continue its move up unless a new round of bull pressure comes in.
The technical overview shows Ether’s daily RSI moving towards the overbought area once again. Its current value is 65.82.
ETH/USD hourly chart price breakdown
Looking at the hourly timeframe, we can see Ether’s price increase on decent volume until the $1,440 mark, and a massive spike in volume after that. The cryptocurrency has passed the $1,440 and the $1,477.3 levels without much trouble, and pushed higher, creating an all-time high of $1,574.
What’s next for Ethereum?
With the volume on the hourly chart fading, we can expect a slight pullback coming from Ethereum. In the immediate term, ETH needs to keep itself above the 21-hour EMA to have a chance of reentering price discovery mode.
However, if we include the daily chart into the mix, ETH would need to close the daily candle above the $1,440 level in order to stay incredibly bullish.