Ethereum breaks new price ATH (On-chain analysis)

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Apr 3, 2021

It’s taken a sweet minute, but Ethereum has finally breached the $2k mark again, logging in a new price all-time high of $2.146.

And while ETH bulls are rejoicing, let’s take an early look at Ethereum’s fundamentals into price discovery, and what it might suggest about the days (and weeks) ahead.

As expected, Ethereum’s second $2k breach has left quite an imprint on both the coin’s network and off-chain data.

To start, the amount of Ethereum-related mentions on crypto social media has skyrocketed to a 40-day high, signaling an onrush of speculative interest in the second largest coin and growing FOMO within the community. In fact, Ethereum’s mentions (gathered from 1000+ channels) are already the highest they’ve been since its previous price top, recorded back on February 20th:

ETH, social volume, last 6 months (Source: Sanbase)

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$ 4028.60

7.72%in last 7d