TL;DR Breakdown
- Ethereum all-time high has finally hit the charts at $1430 and rising.
- Ethereum price started climbing after 7:30 AM GMT.
- Ethereum all-time high is likely to push the price to new highs.
The wait is over, the much anticipated Ethereum all-time high has finally formed and the queen of cryptocurrency is breaking new records at the time of writing. As predicted earlier today the queen was already primed to hit the $1400 mark the cryptocurrency sphere had awaited for months.
The queen of cryptocurrency started climbing the ladder at 7:30 AM GMT time, with a flash rise of $30 from below $1340 to $1370 range. After struggling until 11:00 AM GMT the queen finally took the leap to break past the resistance barriers.
Charm mainnet launch on Ethereum
Analysts had already predicted Ethereum priming for an all-time high but the recent Charm mainnet launch was the final nail in the coffin. Since the announcement, ETH price saw an over 12 percent gain in price, while the price is still fluctuating at the new-found all-time high. Charm is an automated trading platform that currently offers Ethereum as the sole trading option.
On the other hand, the Security Exchange Commission (SEC) lawsuit against Ripple followed by a warning to investors against a possible ban on the stable coin is also forcing investors to look for other viable options. With the Ethereum 2.0 mainnet launch already underway, the queen has been attracting new investors for quite some time now.
Other factors pushing Ethereum all-time high
Bitcoin is under heavy heat from all ends, the king of cryptocurrency managed to become the 6th largest currency across the globe while surpassing Gold as a financial asset, however, not without some controversy. The recent drop after the $40,000 high has led institutional investors to seek more options, and the charts demonstrate this.
In the past 24 hours, Bitcoin saw only 1.90 percent in market gains, while the queen saw 12.77 percent gain. Even weaker currencies such as Litecoin, Bitcoin Cash, and Ripple XRP are performing better than Bitcoin at the time of writing. The queen with a market capitalization of $162.316 billion continues to lead the market.
Another important factor is the Ethereum 2.0 launch quickly closing in and the halal vs haram debate in the Muslim community. Earlier, Muslim clerics from the United Arab Emirates (UAE) announced that Ethereum 2.0 launch would make the queen a unanimously halal investment, while suspicions continue to loom around Bitcoin and other cryptocurrencies. Some Muslim experts say that since the Fatwa (religious predicament) from UAE, other predicaments explained that Bitcoin and the Proof of Work (PoW) structure are just as halal as Proof of Stake (PoS).
The current Ethereum all-time high may also be driven by Wall Street big guns wary of Bitcoin, and late rising Muslim investors who are now pouring their money into Ethereum for a win-win investment.
Given the current market situation, the new ETH all-time high is likely to sustain in the long-term even if there is some initial volatility above the $1400 mark. Ethereum predictions are already expecting the queen to break past the $2000 mark once it stabilizes.
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