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Ethereum on its way to price discovery after reaching a new all-time high


November 8, 2021 · By MATheGooner
Bitcoin (BTC), Ethereum (ETH)

As Bitcoin recaptured $66,000, Ether price rose 3.30 percent to $4,770 for the first time in its history, proving the significant positive link between the two digital commodities.

Ethereum has already surpassed its previous all-time high of $4,632 set on May 12. Since the beginning of the year, the asset has increased by 540 percent, beating bitcoin, which has increased by 125 percent in the same time period.

Ether’s technicals favoured an upward trend, with the price aiming for the resistance trendline of its dominant ascending channel near the $4,800–$5,000 region, as seen in the chart below.

Ether’s profit target has also shifted to roughly $4,800 as a result of the current bull flag breakout setup.

If Ether continues to match inflation projections, Bernhard Rzymelka, global markets managing director at Goldman Sachs, expects the token will reach $8,000 by December 2021.

According to on-chain analytics provider Glassnode, Ethereum’s hash rate has also reached a new high. The Ethereum hash rate has topped 1 EH/s for the first time, after surging from its previous high of 876 TH/s on November 2. The difficulty of mining Ethereum is also at an all-time high.

Ethereum continues to be withdrawn from centralised exchanges, according to Glassnode. Over the last week, $6.4 billion in ETH has poured into exchanges, while $8 billion has flowed out, resulting in a $1.6 billion net loss.

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