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Date:
03rd Feb 2021
Author:
CryptoAltum News Team

Ethereum Registers a New All-Time High Above $1.5k

Ethereum prices, on Feb 2, soared to a new all-time high above $1.5k in the late New York session. Despite sharp gains, traders are confident of higher highs in the coming days as Eth 2 takes shape and DeFi receives more supporters from the main street. Accompanying the upsurge is a marked and uncomfortable expansion in Gas fees, averaging $15 on Feb 2. Although the network is not clogged, the influx of new users and the exponential growth of DeFi dApps could explain the high utilization rate of Ethereum blocks—exceeds 96 percent, calling for Block Gas limits to be pushed higher and scale the network.


Details: 

The Ethereum price soared to a new all-time high on Feb 2. With prices above $1.45k and trading volumes increasing as investors remain confident of ETH's prospects, there presents a possible opportunity for aggressive traders to double down on the smart contracting platform and buy the dips. Analysts project ETH prices to tear above $2k towards $5k and even $10k in the immediate term, a development that will not only narrow the gap between Bitcoin and ETH but solidify Ethereum's position as the most actively used network benefiting from network effects. Eventually, supporters claim, ETH will emerge as a true store of value better than gold and BTC due to its tapering inflation.


Impact on ETH Prices: 

Bullish. A break above $1.48k and ETH/USD gliding to new all-time highs could trigger FOMO. This could subsequently push ETH towards $2k whilst developers continue to build, improving the overall user experience with immediate focus being reducing the average transaction fees.


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