Crypto Industry News:
Ethereum, the world’s largest altcoin, has crossed another milestone on the price charts with a valuation above $ 1,800.
Due to rising prices, ETH’s market capitalization also exceeded $ 200 billion for the first time recently. It’s worth noting that the cryptocurrency has been in a sustained upward trend since the beginning of 2021. In fact, ethereum seems to be looking for a ceiling for its valuation since 2018’s ATH exceeded $ 1,448.
ETH options contracts outperformed BTC options in January 2021. Interest in ethereum has also increased in the derivative markets. 3,529,404 ETH option contracts were sold in January. From December 2020, contracts have increased by 18%.
Total turnover was close to USD 96 billion (BTC and ETH combined). Growing interest in the ETH market was also observed in terms of Open Interest. In January 2021, the number of open contracts for ETH increased from $ 800 million to an impressive $ 1.8 billion, an increase of almost 130%.
In the context of the popularity of staking in Ethereum 2.0, the statistics speak for themselves. According to Glassnode, the total amount of ether blocked on the Ethereum 2.0 network recently surpassed the $ 5 billion mark.
It’s worth noting that validators who stack ether in ETH 2.0 will not be able to get their assets back until Phase 2 is launched, which is at least another development year. Such sentiments underline the long-term confidence in the development of ETH 2.0. EIP-1559 is also important.
Technical Market Outlook:
The ETH/USD pair has hit the level of $1,822 as another extension of the last wave up. The next target for bulls is seen at the level of 41,904 (161% Fibonacci extension of the wave C). The intraday technical support is located at the level of $1,745. The momentum is strong and positive and market conditions are now bouncing from the oversold levels on the H4 time frame chart.
Weekly Pivot Points:
WR3 – $2,306
WR2 – $2,035
WR1 – $1,838
Weekly Pivot – $1,545
WS1 – $1,349
WS2 – $1,062
WS3 – $860
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $2,000, so any correction or local pull-back should be used to open the buy orders. Please notice, the up trend starting to go vertical, so the volatility will be higher than average. The bullish scenario is valid as long as the level of $830 is broken.
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