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You are here: Home / News / Ethereum [ETH] price hits ATH and addresses in profit follow suit
Ethereum

Ethereum [ETH] price hits ATH and addresses in profit follow suit

October 29, 2021 by Sahana Kiran

Move over Bitcoin [BTC], the alt season was here and Ethereum [ETH] was leading this trend. Bitcoin was enduring quite a bit of a correction from its all-time high. On one hand, the king coin was relatively close to its ATH of $66,930.39, however, the bears were setting up a barricade. Ethereum on the other hand was jetting towards $5K by recording new all-time highs.

Following the footsteps of Bitcoin, Ethereum went on to hit an all-time high last week. While BTC took a little break, earlier today, ETH broke its previous record and documented a brand new high of $4,400.97.

However, at the time of writing, ETH suffered a slight setback. The altcoin was trading for $4,330 with a 7.66% surge over the last 24-hours. The volatility-struck market has been undergoing many changes. From plummeting back below $3K to surging in no time and registering a new high, ETH had its A-game on.

While the overall market cap of the crypto-verse inched closer to $3 trillion, ETH was seen contributing immensely. During press time, ETH’s market cap was at a high of $514 billion.

Ethereum [ETH] one-hour price chart on Binance

Ethereum
Ethereum [ETH] price hits ATH and addresses in profit follow suit 3

The one-day price chart of ETH noted that the asset could be making its way towards $5K. The Parabolic SAR indicator used in the chart put forth an array of dotted lines below the price candles. This line acted as a trampoline for ETH to get back on top. The Chaikin Money Flow [CMF] indicator also followed this notion and suggested that ETH was under the bullish influence.

While all these signs inclined towards the bulls, the altcoin could be in for a new all-time high in the near future. However, the short-term bears were pulling the asset back and restricting its growth for a while.

The ETH market was overtly populated by buyers. However, the altcoin wasn’t reaching out for the overbought zone yet. The Relative Strength Index [RSI] indicator affirmed this.

The ongoing trend was notably beneficial for ETH holders. According to Glassnode Alerts, the number of Ethereum addresses in profit had hit an all-time high of 64,653,868.917.

The tweet read,

📈 #Ethereum $ETH Number of Addresses in Profit (7d MA) just reached an ATH of 64,653,868.917

Previous ATH of 64,648,558.518 was observed on 27 October 2021

View metric:https://t.co/9t2b8KgIV0 pic.twitter.com/ssDvRsvBeF

— glassnode alerts (@glassnodealerts) October 29, 2021

Filed Under: News, Altcoin News, Market Analysis Tagged With: Ethereum (ETH)

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