Ether did hit its all-time record on the 2nd of February- where they reached the mark fixed at $1,500. Ever since that, the price of Ether has been fixed at that level- and currently sits at the mark of $1,700. 2021 has been pretty solid for most cryptocurrencies- with both Bitcoin and Ethereum seeing some pretty amazing price action. The cryptocurrencies surged by around 10.46% ever since the year began.
Bitcoin, on the other hand, hasn’t been reaching the previous heights it saw before. Although it has been undergoing some serious price action, it is still short of the high it reached on the 8th of January of $41,941. Ether, in contrast, has been rising since then. CryptoCompare, a provider of market data has already started spotting volumes that have already reached their high on the 11th of January. CryptoQuant, another analytics firm has provided data that highlight how much it has already been held because of exchanges. The cryptcurrency has suffered buying pressure- because the exchanges have been pretty low.
Ether Reserves Have Been Encroaching On The Existing Reserves
The outflows of exchange have been on the rise- which implies that most buyers have been pretty invested in preserving their assets rather than selling them already. Ki-Young Ju, the CEO of CryptoQuant stated that since the reserves of Ether were decreasing, the current bull run will definitely proceed until it finally hits a stop.
This cryptocurrency might also be looking at quite a bullish run as Laevitas spoke about over 80% of the volume preserved in Deribit was brought about by buy orders. ETH reached its all-time high for this year on the 2nd of February- which is simply a bullish sign.
