Ethereum price broke through the $700 to reach levels last seen in May 2018

The Ethereum price broke through the $700 to reach levels last seen in May 2018. As you can see in the 3-year ETH-USD price chart below, the last time that ETH was trading above $700 was back in May 2018. Currently, ETH is trading at $732.35, up to 14% in the past 24-hour period and up 470.30% in the year-to-date period.

Source: CryptoCompare

Ethereum price broke through the $700 level to reach levels last seen in May 2018

93% of all ETH addresses with non-zero balances are in the money which means that the average purchase cost of those ETH tokens was less than the current price of ETH.

Scott Melker, a crypto trader at Texas West Capital, says he like show ETH/BTC is pushing through resistance:

On-chain market intelligence startup Glassnode said earlier today that 90% of all Ethereum addresses (around 47 million addresses) holding ETH are now in a state of profit. This number has never been this high since January 2018.

Source: Glassnode

According to CryptoCompare, Ether’s all-time high (ATH) price — $1,422.86 — was reached on 13 January 2018. Spencer Noon, an investor at crypto-focused early-stage venture firm Variant, points out that Ether’s current price still offers a pretty juicy discount compared to the ATH price, and that based on the current degree of a positive correlation between BTC and ETH, it would not be unreasonable to expect the ETH price to break its ATH, which is why he is calling ETH arguably the best risk-return right now in crypto.

At its current price of $710, investors can still buy $ETH for more than 50% off its previous ATH.

Considering (1) how correlated BTC and ETH are historically, and (2) how BTC has already surpassed its ATH, it’s arguably the best risk-return right now in crypto.

— Spencer Noon (@spencernoon) December 28, 2020

Bitcoiner Ki Young Ju, CEO of South Korean blockchain analytics startup CryptoQuant, called ETH the most undervalued asset in crypto finance on December 8 and finds it bullish that ETH is flowing out from centralized exchanges.

$ETH is flowing out from centralized exchanges.

It might go to DEX, staking contract, custody, etc. Whatever it is, it’s good for $ETH as decreasing market supply.

Whales might use DEX for dumping, but at the same time, DEX drives Defi growth.

Chart? https://t.co/S6nKVygbQe https://t.co/4WhKMh50M1 pic.twitter.com/WU2mAU9q2B

— Ki Young Ju 주기영 (@ki_young_ju) December 28, 2020

The Open interest on Ethereum futures has just set a new all-time high of $2.21 Billion

The open interest on Ethereum futures has just set a new all-time high of $ 2.21 Billion. According to crypto analyst MagicPoopCannon, as he predicted in late November that the Ethereum price would quickly rise to $ 750 and possibly push higher to $ 830; and things are going quite in the right direction. Additionally, Magic also points out that if Ethereum’s rally is sustained, its price could most likely retest 2018’s all-time high of $ 1,400.

#ETH Futures Open Interest breaks ATH $2.21 Billion. pic.twitter.com/trNy67C3fB

— Bybt (@bybt_com) December 28, 2020

Ethereum’s bullish escalation could get some support in the form of the CME Group launching an Ethereum futures contract on Feb. 8, 2021. Such an event will undoubtedly focus on home interest. Invest in Ethereum.

Going back in time, the CME team that launched Bitcoin futures in 2017 caused BTC to hit an all-time high of $ 20k on December 17th. Hence, it is likely that Ethereum could see a recovery phase from now to February.

However, Ethereum still has one more hurdle that needs to be overcome in the form of a monthly and annual close on December 31st. If Ethereum can maintain its value above $ 700 by 2020’s end, then the path is on. Getting to its 4-digit territory should probably be smooth. Furthermore, the year 2021 brings new expectations from crypto investors in the form of more profits in the market and a world where the Coronavirus vaccine exists.

You can see the ETH price here.