New record high for Ethereum

New record high for Ethereum

Between yesterday and today, the price of Ethereum (ETH) recorded its new all-time high

According to CoinMarketCap data, the maximum price reached is $1,567, while according to CoinGecko it is $1,565

This is a significant increase on the previous record, as it is the first time it has ever exceeded $1,500. 

Even during the great speculative bubble of late 2017/early 2018 the price always stayed below this threshold, so yesterday’s and today’s record propels the price of ETH into totally unexplored areas. 

Besides, it had been more than a week now that it was pretty much lateralizing around the $1,400 mark, so yesterday’s rise is to be considered definitely significant, although it is hard to imagine how long it could last.

Ethereum’s path to a new all-time high

Note that 2021 started with a price of around $750, so in just over a month it has doubled. But the performance is even more surprising if we extend the comparison to the previous period. 

At the beginning of November 2020, the price was below $400, so today it is almost four times higher. 

Actually, 2020 started with a price of $130, so in thirteen months it has increased more than tenfold.

To be fair, after touching $1,400 at the beginning of January 2018 and then collapsing below $100 in December of the same year, many analysts considered it to be significantly undervalued. Moreover, many had predicted that, like bitcoin, it could sooner or later return to the highs of January 2018 and perhaps even surpass them. 

After all, it was during the last great speculative bubble that the price of ETH reached an all-time high about a month after BTC, and since the last bitcoin price record was set at the beginning of January 2021, it is hardly surprising that the new ETH record should come about a month later. 

However, this time it all looks very different from January 2018, so much so that it is not at all impossible that Ethereum could set new records in the coming days

Although it is difficult to predict exactly how it might behave, and although the risk of a descent is always possible, at the moment sentiment seems to remain positive.

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