The Ethereum (ETH) bulls have recently maintained a new position within the level of $180. That’s despite of the witnessed price drop of Bitcoin (BTC) and other major altcoins today.
Interestingly, ETH has seen with impressive price momentum not just in the past few days, but weeks. So, the second largest crypto asset by market valuation resulted to a massive rally over the backdrop of immense bullishness.
With the aforementioned bullish run within the aggregated cryptocurrency space, many traders, analysts and other ETH enthusiasts believe that the crypto is then ready to start a new all-time highs (ATH).
How Possible Is Fresh ATH for ETH?
At the time of writing, the current price of ETH is 180.50 and it’s trading down above 2%. The crypto asset successfully regain a positive position after $176 daily low.
A number of analysts believe that there can be a remarkable short-term upside for ETH. In fact, crypto analyst Galaxy noted via Tweet that he’s buying ETH at price level of $180 and looking forwards for a short-term sell target at $350.
In the case that ETH can really garner the aforementioned short-term momentum, then there’s a big chance that the crypto could set a fresh parabolic uptrend in the early stages. Then, it could gain a new ATH.
Rapid Rate of Miner’s ETH Accumulation
Due to optimistic accumulation action, the price of ETH is believed to record highs. That scenario can be another reason for upcoming all-time highs according to analysts.
Based on the data provided by a crypto analysts at Santiment, miners are currently having more ETH rewards compared to what they did about three months ago.
At $300 million or 1.69 million ETH, the crypto’s accumulative balance of all mining pools is currently equivalent to a huge possibility of fresh all-time highs.
The accumulative strategy of the ETH miners is likely to display how confident they are in the project. So, it’s no surprise that their token hoarding will continue in the second month of February.
According to the previous events during major miner sell-offs, quick and remarkable price consolidations always follow. As you probably remember, the latest price corrections caused by the network’s miners was in late October 2019. That period is when the price collapsed under $170.
Furthermore, in 2019, the Decentralized Finance (DeFi) hype picked steam. This is when the dollar-denominated funds’s amount were locked within the lending wallet, which led to increased from $240 million to $858 million.
Crypto analyst Balashevich has discovered that the inactive Ether tokens collapsed from 54.6% to 39.6% within 12 months. He also noted that the increasing growth of DeFi solutions and ETH locking mechanism can possibly become the next norm.
Whether or not DeFi will soon become successful, the ETH bulls look forward for the next all-time highs. It might be too early for others to anticipate for further surge since the crypto market remain unpredictable, but even the miners are working harder.
