Ethereum Price Rally to a New All-Time High
The Ethereum price, on Jan 19, raced to a new all-time high as traders bought the dips, pumping ETH trading volumes. Markedly different, the surge of the ETH/USD price came when ETH open interest stood at an all-time high. Experts remain bullish on ETH prospects citing DeFi, on-chain developments like the transition to Eth2, and intermittent injections like Layer-2 to temporarily address Gas fees by routing transactions off-chains, relieving the base layer.
ETH/USD is trending at around a new all-time high following Jan 19's upsurge. Bulls are ecstatic thanks in part to on-chain developments and the network's utility, trouncing other competitors. Besides utility, Ethereum could potentially receive a boost from institutions who are in the meantime focused on Bitcoin, a digital asset they say is a hedge against inflation. As the economy recovers, they reckon, inflation will be inevitable because of the billions sunk to arrest the effects of COVID-19. Amid this confidence, a Grayscale Investment official previously said a breed ofinvestors prefers Ethereumto Bitcoin. Considering the positive correlation between ETH and BTC, the coin may be relatively undervalued, possessing more upsides than other assets because of its solid fundamentals and regulatory clarity.
Impact on the ETH Price:
Bullish. The ETH/USD price is trading within a bullish breakout pattern, trending within the coin's all-time highs. There is more upside room due to the project's solid fundamentals and ties with Bitcoin.
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