Ethereum Price Touches $1,500 For The First Time Ever

Ethereum price has touched $1,500 for the first time ever on Binance hitting a new all-time high at a market capitalization of over $170 billion. There are 2.9 million ETH coins locked inside the Eth2 deposit contract representing over $4.3 billion at current prices. Around 7.16 million ETH is locked inside various DeFi protocols and projects, representing over $10 billion at current rates, which means around $14 billion worth of ETH is locked away from the market.

This is a significant number as it is close to 10% of the total circulating supply of Ethereum despite the digital asset hitting new all-time highs. This metric shows that investors believe ETH price can rise higher in the short-term and long-term, otherwise they wouldn’t have locked their coins away.

eth price

In fact, the number of ETH coins inside exchanges also dropped considerably in the past month. On January 1, around 22.7% of the circulating supply of ETH was inside exchanges. Now, only, 20.57% are held by exchanges, a significant drop despite Ethereum price rallying. This again shows that investors are not afraid to hold.

Ethereum price can quickly climb towards $1,900

This recent breakout seems to have a potential price target of $1,900. On the daily chart, we can draw an ascending wedge that has a 27% breakout target which would put ETH price at $1,900 in the long-term.

The breakout of the pattern is clear as Ethereum hit a new all-time high and touched $1,500. However, we still need to see enough continuation above $1,500 to be comfortable. Although a rejection from $1,500 would denote weakness, as long as the bulls can hold the 12-EMA on the daily chart, the uptrend can continue.

Losing the 12-EMA at $1,350 would be significant and will shift the odds in favor of the bears potentially setting a double top on the daily chart. Bitcoin also had a significant 5% move today towards $35,500 and the entire market has turned bullish.

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Ethereum Price Analysis
Ethereum Price Analysis© Cryptoticker

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