Ethereum (ETH) yesterday swung to a new all-time high as it rose above $4,500, according to data from TradingView. This climb has followed the recent release of the Altair update on the Ethereum beacon chain. This is part of the smart contract platform’s rollout for ETH 2.0 — which will see the protocol employ a proof-of-stake mechanism and currently has over $12 billion worth of Ethereum staked.
The price of ETH hit a low of $4,283 in the early hours of Tuesday. However, the price rallied to equal the previous high and surpassed it as the bulls took control.
According to a tweet from Coinbase Institutional, the current price action of ETH, if maintained, will see it record eight consecutive quarters of positive gains.
$ETH is on track for 8 consecutive positive quarters, +47% this Q4 pic.twitter.com/wK4pkBTM4f
— Coinbase Institutional (@CoinbaseInsto) November 2, 2021
On-chain Metrics Point To More Upside For ETH
Several on-chain metrics have shown support for the bullish momentum witnessed in the price of ETH. According to data from Etherscan, Ethereum’s hash rate— the network’s computing power used to mine— has risen to a new all-time high. The Ethereum hash rate reveals that the current value is about 747 TH/s (terahashes per second) and has been steadily rising since the 465 TH/s low recorded in July.
The continuous growth of Decentralised Finance (DeFi) and Non-fungible Tokens (NFTs) has contributed significantly to hash rate growth. This has given miners more incentive to mine ether as Ethereum’s price continues to rally.
Furthermore, on-chain analyst, Matthew Hyland compared the current market structure of ETH to that of 2017. His analysis suggests greater bullish momentum if the suggested fractal pattern plays out. According to him, a price of about $14,000 can be expected over the next couple of months.
#Ethereum is just getting started…
The extreme move is coming
$14,000+ pic.twitter.com/5XSYoxAJ6F
— Matthew Hyland (@Parabolic_Matt) November 1, 2021
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An Ethereum ETF Is Becoming a Possibility
There is an increasing chance that an ETH Exchange Traded Fund (ETF) could be traded on the New York Stock Exchange (NYSE) as soon as 2022. Pricing in options tools, which allow traders to speculate on future price movements, are predicting bullish momentum for ETH. Market participants are betting on a surge to $15,000 in the price of Ether by March 2022.
The recent adoption of Bitcoin ETFs and their subsequent successful trading on the NYSC has led to traders betting on an Ethereum ETF arriving in 2022. Market participants are anticipating that US regulators will greenlight a US ETF to track the price of Ethereum in the coming year.
Currently, there are at least five known fillings for ether based ETFs in the US. Two of these applications are futures-based products from fund managers VanEck (The Ethereum Strategy ETF) and ProShares (Ether Strategy ETF).
An Ethereum ETF, provided by Canadian ETF provider EVolve on the Toronto Stock Exchange, already exists. However, approval for an Ethereum ETF in the US would likely see increased buying pressure for Ethereum, as seen in the case of Bitcoin’s recent ETF listings.
Do you see Ethereum following Bitcoin’s lead and having an ETF approved by the SEC? Let us know in the comments below.
The post Here’s What The Data Shows For ETH’s New All-Time High At $4,600 appeared first on The Tokenist.
