- Grayscale Ethereum Trust (ETHE) buys 25,000 in Ethereum worth $37.6 million.
- This brings Grayscale Ether holding to $2.9 million.
- At the same time, Ethereum sets a new ATH price record of $1,550. With this, the $2,000 ATH may be on the horizon.
ETHE recently reopened to the delight of investors. Crypto personality Lark Davis commented on this recent purchase.
#ethereum got up to $1,565 today! amazing! $2,000 so damn close!
— Lark Davis (@TheCryptoLark) February 3, 2021
Ethereum price has surged 13% to a new ATH of $1,550. The crypto price had dipped after reaching about $1,475 earlier this year. Despite the negative adjustment, experts have been predicting that Ethereum has entered price discovery and could rise up to $2,000.
As new Ethereum addresses continue to emerge, this shows that the crypto is entering bullish territory. The Ethereum network also handled over $300 million in fees paid in January alone. In comparison, the Bitcoin network only handled about $144 million in the same period. This confirms that there is a high volume of Ethereum use at the moment.
As the chart above shows that ETH price is likely to keep rising following the upward trend. A few factors that could fuel the continued price rise are:
- The Chicago Mercantile Exchange (CME) is launching new Ether Futures on the 8th of February. The added hope is likely to fuel confidence.
- Ethereum 2.0 launch, which includes a reduction in gas fees and the completion of moving from PoW to PoS.
- Elon Musk’s recent social media activity, as well as WallStreetBets buying frenzies, have fueled crypto adoption.
As the second-largest crypto, Ethereum has been gaining market share steadily. With the added support from institutional investors like Grayscale, the future seems bright.