Around 16:00 UTC on Sunday (December 27), the Ether price broke through the $700 level to reach levels last seen in May 2018.
According to data from TradingView, on crypto exchange Coinbase, at 16:01 UTC on December 27, the ETH price reached $702.61, got as low as $661.54 by 21:19 UTC on December 27, and then got as high as $739.39 by 08:36 UTC on December 28.
As you can see in the 3-year ETH-USD price chart below from CryptoCompare, the last time that ETH was trading above $700 was back in May 2018:
Currently (as of 09:18 UTC on December 18), ETHUSD is trading at $735.18 up 13.66% in the past 24-hour period and up 470.30% in the year-to-date period.
Here are a few interesting insights from crypto analytics firm IntoTheBlock (ITB):
Note 93% of all ETH addresses with non-zero balances are “in the money” according to ITB, which means that the average purchase cost of those ETH tokens was less than the current price of ETH.
Scott Melker, a crypto trader at Texas West Capital, says he like show ETH/BTC is pushing through resistance:
On-chain market intelligence startup Glassnode said earlier today that as recently as March, “only 3.2% (!) of all ETH addresses were in profit.”
According to data by CryptoCompare, Ether’s all-time high (ATH) price — $1,422.86 — was reached on 13 January 2018. Spencer Noon, an investor at crypto-focused early-stage venture firm Variant, points out that Ether’s current price still offers a pretty juicy discount compared to the ATH price, and that based on the current degree of positive correlation between BTC and ETH, it would not be unreasonable to expect the ETH price to break its ATH, which is why he is calling ETH “arguably the best risk-return right now in crypto.”
Bitcoiner Ki Young Ju, CEO of South Korean blockchain analytics startup CryptoQuant, called ETH “the most undervalued asset in crypto finance” on December 8 and finds it bullish that ETH is “flowing out from centralized exchanges.”
Anthony Sassano, who is the Product Marketing Manager at Set Labs, Co-Founder of ETH Hub, and the co-host of the “Into the Ether” podcast, expects ETH to reach a new ATH next month.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.