After completing the Altair hard fork upgrade last Wednesday, Ethereum once again hit a record high of $4536 today. As of press time, it continues to rise, with a 24-hour increase of over 5%. Data from the push terminal shows that since trading at a low of US$2,780 on September 29, Ethereum has risen by 62.54% in more than a month, and reached US$4,400 on October 28.
Coinbase International tweeted that. If Ethereum can maintain its current development trajectory, it is expected to achieve positive growth for the eighth consecutive quarter.
$ETH is on track for 8 consecutive positive quarters, +47% this Q4 pic.twitter.com/wK4pkBTM4f
— Coinbase Institutional (@CoinbaseInsto) November 2, 2021
The chart below shows that the price trend of Ethereum in 2017 is extremely similar to the current price trend. From November to December 2017, the price of Ethereum hovered in the price range of US$300 to US$400, and then started a skyrocketing trend, reaching more than US$1,350 at the beginning of 2018.
ETH holders profit
Another catalyst for ETH to move forward may be the increase in institutional adoption. Currently, the vast majority of open positions in the futures market and investment-grade products revolve around Bitcoin. With the launch of ETH micro futures on the Chicago Mercantile Exchange on December 6, many analysts expect to see the approval of the Ethereum futures ETF in the coming months, and a large amount of funds may flood in.
According to IntoTheBlock data, the percentage of profitable ETH holders is hovering near a historical high, close to 100%. It turns out that the purchase of ETH has never disappointed investors since the first token issuance in 2014.
Analysts expect to break again soon
Options trader and anonymous Twitter user John Wick issued a warning to short-term operators, suggesting that another Ethereum breakthrough is imminent.
“Ethereum continues to make new ATHs. Those who have waited with us for a few months are definitely worth this. We will also usher in another Squeeze indicator, and we will be paying attention to another breakthrough soon!”