ETH Reaches New All-time High Of $2,200
2 min readSlow moving ETH has finally managed to break its previous high. The world’s second biggest crypto touched $2,200 on Saturday following overall market strength
The weekend has brought a new all-time high for ETH. The new high comes less than a week after ETH broke its previous all-time high. Following in the footsteps of BTC, ETH has also seen a nearly 7% price surge on Saturday, pushing the crypto to new price territory.
ETH following in the footsteps of BTC
ETH has seen similar price movements in recent months to that of BTC. Major alts have appeared to move in unison with BTC. However the correlation between BTC and ETH has seen ETH’s price action mimic that of BTC.
BTC recently managed to flip the $60,000 resistance, climbing nearly 7% in the process. ETH appears to have also moved approximately 7% on Saturday as it reached $2,200.
ETH continues to look bullish over $2,000 as the project gains momentum in the bull market.
Big things coming to ETH
ETH 2.0 staking continues to see an increase in the amount of ETH being staked. Currently the amount of ETH being staked is 3.45 million. The total value of ETH currently being staked is well over $7.4 billion in value. The upgrade to the network is set to offer increased transactions on the blockchain, while reducing the cost of gas fees on the network. Something that is currently holding back the project due to rising gas fees on decentralized exchanges.
ETH has also been boosted by the recent news that one of the largest multinational financial services companies in the world is using the network. Visa has begun setting transactions on its own network through ETH-backed USD Coin. The news has seen an increase in popularity in ETH price as global utilization starts becoming evident.
More upside possible for ETH
ETH could very likely see more upside in price as the market continues to see bullish sentiment. The total crypto market capitalization has also reached a new high of $2 trillion, while cryptocurrencies have seen a surge in prices too.
Traders continue to consider a potential altcoin run similar to that of 2017 as prices reach new highs across the market.
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