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According to data by TradingView, around 06:37 UTC on Monday (January 4), on Bitstamp, the Ether (ETH) price broke through the $1150 level to reach $1165.86 (one minute later), the highest price it has been since January 2018.
Per data from CryptoCompare, as of 10:36 UTC on January 4, in the past 12-month period, the ETH price has gone from $134.33 to $934.69 (where it is now), meaning a gain of 595.82% vs USD.
Ether’s strong performance in the past few months has put Ethereum fans in a very bullish mode. For example, here is what crypto investor Ryan Sean Adams, who is the Founder of Mythos Capital, the author of popular DeFi newsletter “Bankless”, and the co-host of the “Bankless” podcast, said yesterday:
If ETH outperforms BTC again in 2021 why hold BTC?
— Ryan Sean Adams – rsa.eth ?? (@RyanSAdams) January 3, 2021
Crypto analyst Alex Saunders says that Bitcoin’s quick and smooth run from $20K to $34K has left many investors thinking that a similar fate awaits Ether and that it might not be long before Ether breaks its all-time high of $1400 and that this might be the last chance they have to buy ETH below $1400.
When you witness $BTC go from $10k to $20k without a pullback, then pump to $34k all in a matter of weeks, can you blame those scrambling for sub $1400 $ETH right now? We watched in awe as #Bitcoin got repriced as an asset. That same process is about to be fast tracked for ETH… pic.twitter.com/VJPofJ8a2I
— Alex Saunders ????????? (@AlexSaundersAU) January 4, 2021
Eric Conner, who is the Product Manager at Gnosis, as well as the host of the “Into the Ether” podcast and the Editor of the EthHub newsletter, reminded us earlier today of what Techcrunch had said about Ether back on 2 September 2018.
Never forget this absolute garbage piece run by @TechCrunch in 2018.
“Here’s a prediction. ETH — the asset, not the Ethereum Network itself — will go to zero.”
Nice call by @JeremyRubin. https://t.co/S6Qwo0UOZ4
— eric.eth (@econoar) January 4, 2021
The only problem with a high ETH price is that it makes fees for using the Ethereum network too high for using DeFi projects such as Uniswap. Here are two crypto analysts/researchers who were were complaining about this earlier today:
Uniswap absolutely unusable at the moment. Stop being poor sure but paying nearly $100 for a $4k swap just makes no economic sense. Noobs come and see this and just get annoyed honestly.
— Larry Cermak ?? (@lawmaster) January 4, 2021
#ethereum gas fees soaring again, basically making #defi unusable ??
— Lark Davis (@TheCryptoLark) January 4, 2021
Ki Young Ju, the CEO of South Korean blockchain analytics startup CryptoQuant, believes that as an increasing percentage of Ether’s supply gets staked in ETH2 desposit contract, the price of ETH should go up.
And almost 2% of ETH supply is staked on the ETH2 deposit contract. I think this illiquidity makes the $ETH price goes higher in the long-term. pic.twitter.com/5sLJNW15JO
— Ki Young Ju ??? (@ki_young_ju) January 4, 2021
And of course, another thing that should help ETH continue its impressive price rally is the upcoming launch (on February 8) of CME Group’s Ether futures.
Featured Image by “AgelessFinance” via Pixabay.com
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.