Ethereum hits new all-time high near $2K as analyst says 2021 bull run is different

ETH/USD 1-day candle chart (Bitstamp). Source: TradingView
ETH sets sights on $2,000.
Data from Cointelegraph Markets and Tradingview showed ETH/USD coming within 4% of the $2,000 barrier on Thursday.
After investing much of February trading sideways with modest upward momentum, the biggest altcoin reawakened today. At the time of writing, day-to-day gains amounted to more than 4%, with Ether clocking new all-time highs of $1,930.
In a fresh market update, Cointelegraph Markets analyst Michaël van de Poppe anticipated a potential breakout to $2,200 needs to bulls effectively deal with $2,000.
Due to the extended duration spent at simply listed below that level, nevertheless, it was crucial that these hold as support in order to prevent a remarkable retracement.
” However, once again, quite a tricky breakout, so you basically need to enjoy that zone … at $1,820,” he summarized.
A failure of support would in turn bring $1,400 back into play, this possibly coming if Bitcoin (BTC) likewise sees a correction from near all-time highs of its own, Van de Poppe added.
As Cointelegraph reported, Ethers gains have outstripped Bitcoin in 2021, with year-to-date gains of 164% versus around 85% for BTC/USD.

BTC and ETH year-to-date efficiency. Source: Digital Assets Data.
Sellers fail to materialize.
On the other hand, information coming to light today sheds some light on long-closed occasions, which could have helped Ethers meteoric increase.
Released by Ki Young Ju, CEO of on-chain analytics service CryptoQuant, withdrawal figures for Coinbase show three huge tranches of around 200,000 ETH leaving the exchange for personal wallets in 2020.

Ether (ETH) hit fresh all-time highs and neared $2,000 for the very first time on Feb. 18 as momentum returned to trading.

Coinbase ETH outflows chart. Source: CryptoQuant.
According to Ki, these might have come in the kind of big volume investors closing over-the-counter (OTC) deals similar to what was formerly observed with Bitcoin.
” There were three consecutive massive $ETH outflows from Coinbase cold wallets last year,” he composed in comments together with a chart revealing the transactions.
” Speculative guess however those may be OTC deals for institutional investors like $BTC Coinbase outflows.”.
Ki suggested that it might be worth setting alerts to monitor comparable behavior in case this is a trigger for rate performance.
“$ ETH all-time high in 2021 is different from 2018,” he included a further tweet on Thursday.
” Fewer deposits, more withdrawals across all exchanges. Offering pressure significantly weaker than in 2018.” Title: Ethereum strikes brand-new all-time high near $2K as analyst says 2021 bull run is various.
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