Another Ethereum Milestone Has Just Been Reached: Analysis

Another Ethereum milestone has just been reached as of late with the price logging 26 straight days with a price above $1000 as we reported in our ethereum price news.

The price of ETH isn’t just nearing an all-time high but it is staying higher the entire month as the network follows the rise in Defi applications. The price of Ethereum closed at $1042 on January 4 but a day ago it closed at $1380. In between these days, the price didn’t close below $1000. Researcher Evan Van Ness noted using the data from Messari that these 26 consecutive days are another Ethereum milestone:

 “Until this year, $ETH had closed above $1000 on only 25 non-consecutive days in 2018.”

From January 6, 2018, to January 21 the same year, the price closed above $1000 and toped that level again from January 24, 2018, to February 1. By December the same year, the price crashed all the way to double digits. This time, the network’s numbers are likely built atop something that resembles price speculation given the broadening application in the use of ETH blockchain like DEfi apps. This can be measured in a few ways like for example, volume. During ethereum’s 2018 bull run, the trading volume on the network ranged between $1 billion and $4 billion while today this volume is set at $11.7 billion.

Later in 2018, the $77 million in tokens were locked into DeFi protocols but that number today is $27.29 billion marking a 354x increase in just three years. As reported recently, Ethereum retested the $1200 support zone where the bulls are waiting. The price is recovering towards 00 and the 100 hourly simple moving average with a major bearish trend line forming with the resistance at 00 on the hourly charts of the pair.
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The ETH/USD pair could start a strong increase if Ethereum’s close above $1300 happens. There was some downside extension in ETH below the $1250 support levels when the price traded below the $1220 support level and then settled below the 100 hourly simple average.

$ETH just closed above $1000 for the 26th consecutive day.

Until this year, $ETH had closed above $1000 on only 25 non-consecutive days in 2018.

Source: @MessariCrypto pic.twitter.com/rv1LxoW0fW

— Evan Van Ness (@evan_van_ness) January 30, 2021

The bulls were able to protect the main support zone at $1200 but a new low formed close to $1204 and the price is recovering higher. There was a break above these resistance levels with the bulls being able to push the price above the 23.6% fib retracement level from the recent decline from $1375 high to the $1204 low.