Ethereum could glide towards $1700 without a heckle as bulls remain confident

ETH continues to garner bulls in its market after addresses in profit shoot up and those in loss slump
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The Ethereum community had to wait quite a while for ETH to break past its previous all-time high. However, after the asset moved past $1.4K, it seems to be continuing its upward graph. Earlier today, ETH hit an all-time high of $1,689.19 and retraced back to $1,626.82, during the time of writing. The coin was surging by over 6% in the last 24-hours. Over the last week, ETH had bagged gains of over 23.17%.

The overall market cap of the crypto industry which hit a high of $1.13 trillion, meant ETH’s constant growth too aided in this as its own market cap hit an all-time high of $186.3 billion.

Ethereum [ETH] one-day chart reveals bullish momentum

Source: TradingView ETH/USD daily chart (Binance): Feb 4, 2021

The one-day price chart of ETH on Coinbase revealed that bulls were still intact in its market. The Bollinger Bands indicator suggested that there might be a rise in the volatility of the altcoin. The bands were wide apart and were on their way to diverge even more. The Awesome Oscillator indicator formed strong green closing bars which further affirmed the presence of bulls in the ETH market.

The Relative Strength Index indicator revealed that ETH had almost touched the overbought zone. The RSI marker was seen at exactly 70 median during the time of writing. This implied that a buyers’ sentiment had struck the ETH market.

As the price of ETH was seen spiraling upwards, almost 100% of ETH addresses were in profit. A recent chart from Glassnode pointed out that the ETH percent addresses in profit had hit an all-time high of 99.311%. The altcoin beat its four-year-old all-time high of 99.306%.

Source: Glassnode

Simultaneously, the number of ETH addresses in loss slumped to a three year low of 444,557.226.

ETH’s latest price change seems to have induced a sense of positivity in the entire crypto-verse. Several took to Twitter to address ETH’s price movement. While Gemini’s Tyler Winklevoss suggested that ETH was the “most undervalued crypto lately” the Crypto Dog was rooting for the asset to hit $10,000. The CEO of Global Macro Investor and Real Vision Group tweeted,

“ETH is up 126% YTD. It’s Feb 3rd, FFS! I still expect it to hit $20k by around the turn of the year.

The entire DA space is going to consume the performance of everything else, with BTC as the flag carrier as The Big Asset. It is up 30% YTD hugely beating every other major asset”

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