According to Coinbase and Coinmarketcap, the price of Ethereum (ETH), has risen to $4,400.97 at approximately 1:02 AM UTC.
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 21st, when ETH dropped to $1,780, it has been on a bullish run and has gained 147% to reach a new price point.
October ETH/USD Chart: Coinmarketcap
Yesterday’s Cointelegraph report stated that the Ethereum 2.0 Altair Chain update was a success, with 98.7% upgrading at the time. The successful Altair upgrade of the Beacon Chain was a key factor in clearing the path to the merger with Ethereum mainnet and to the transition to a Proof-of-Stake (PoS), consensus mechanism in Ethereum 2.0.
The success of Ethereum is also due to its use in the decentralized finance (DeFi), and nonfungible tokens (NFT) industries. These indicators highlight the continued rising demand for Ether in future. This will ensure additional tailwinds to Ethereum’s bullish outlook in Q4 2021, and possibly into 2022.
Let’s be clear: I am not irresponsibly long on ETH at the moment. I have leverage via calls. This is my most significant personal position by 10 or more. This part of the trade has a view span of 6-9 months.
Raoul Pal (@RaoulGMI October 29, 2021
Ethereum’s fee structure has undergone significant upgrades since July.
Similar: Data shows that Ethereum bulls anticipate a new ATH following Friday’s expiry of $1.25B in ETH options
Market sentiment has been positive in crypto since the SEC approved multiple Bitcoin futures-based ETFs for launch on the New York Stock Exchange. In the wake of this news, Bitcoin prices reached new highs.