Recently, ETH’s price has been on a bullish trend. It dropped to $1,780 on July 21st, but has gained 147% since then to hover around $4,400.
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According to Coinbase and CoinMarketCap, the price of Ether (ETH), has risen to an all-time high of $4,400.97 on Friday.
ETH currently trades at $4,380. The asset has risen 46.6% in the past month, according to CoinMarketCap’s price index. CoinMarketCap’s price index shows that the previous ATH occurred eight days ago. The asset reached a price of $43,308.48 on October 21.
Since July 21, when ETH dropped to $1,780, ETH has been on a bullish run and has gained 147% to reach a new price point.
Cointelegraph reported on Thursday that the Ethereum 2.0 Altair Beacon Chain update had a successful start, with 98.7% of the nodes upgraded at the time. A successful Altair upgrade to the Beacon Chain was seen as an important factor clearing the way to the merge with the Ethereum mainnet and the transition to a proof-of-stake consensus mechanism in Ethereum 2.0.
Ethereum’s success is also being driven by the platform’s use in the booming decentralized finance and nonfungible token sectors. They highlight ongoing rising demand for Ether in the future, thus ensuring additional tailwinds to its bullish outlook in Q4 2021 and possibly into 2022.
Just so we are clear – I am more than irresponsibly long ETH right now. I now have leverage but via calls. This is by far and away the biggest personal position of my entire life by a factor of 10 (or more).
My view horizon for this part of the trade is 6 to 9 months.
— Raoul Pal (@RaoulGMI) October 29, 2021
Since July, Ethereum has also undergone important upgrades, such as the London hard fork that introduced a deflationary burning mechanism to the asset as part of the network’s fee structure.
Related: Data shows Ethereum bulls expect a new ATH after Friday’s $1.25B ETH options expiry
The overall market sentiment in crypto has also been positive of late, with the United States Securities and Exchange Commission approving multiple Bitcoin futures-based exchange-traded funds to launch on the New York Stock Exchange. Bitcoin (BTC) hit new all-time high prices in the wake of the news.
