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Ethereum Breaches $2,500 and Achieves Its Highest Daily Close

Brian Njuguna   Apr 27, 2021 09:40 2 Min Read


After falling to lows of $2,100 on the back of speculations that U.S. President Joe Biden’s administration would increase capital gains, Ethereum (ETH) has regained momentum and surged past the psychological price of $2,500. 

Market analyst Lark Davis has acknowledged that ETH has attained the highest daily close ever, a bullish sign for Ethereum.

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ETH is up by 22.5% in the last 24 hours to trade at $2,550 at the time of writing, according to CoinMarketCap

The second-largest cryptocurrency based on market capitalization has been eyeing new all-time highs (ATHs) and surging upwards since it broke its previous record of $1,400 set in 2018. It has yet to retest its all-time high of approximately $2640, however.

Market trader Michael van de Poppe recently disclosed that Ethereum may be eyeing the $5,000 price level. His sentiments are echoed by on-chain metrics provider Santiment who revealed that an uptrend to $3K and beyond looked promising for Ethereum, thanks to booming non-fungible token (NFT) and decentralized finance (DeFi) sectors that rely on Ethereum blockchain to operate. 

Ethereum is trading above stable support

The current Ethereum price topping $2,500 is trading above its stable support, said Ali Martinez. The on-chain analyst explained:

“Intotheblock’s IOMAP shows that ETH is currently trading above stable support. Over 200K addresses bought 10 million Ethereum at $2,270. This demand barrier may absorb any downward pressure, as holders within it might do anything to avoid having their investments go Out of the Money.”

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More participants are also jumping on the Ethereum bandwagon. Crypto data provider Glassnode has revealed that the number of non-zero ETH addresses reached an ATH of 57,960,448. 

Ethereum, together with other altcoins, has enjoyed a remarkable bull run. For instance, Dogecoin (DOGE) recently entered the top-ten list despite it being initially invented as a “joke currency” based on the “Doge” meme featuring a Shina Inu dog.

With a market capitalization of $294.73 billion, will Ethereum hit highs of $5,000 before the end of 2021? Only time will tell. 


Image source: Shutterstock

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