Over the weekend, Ethereum’s ETH managed to reach a new all-time high (ATH), nearly four years after its last record. Let’s take a look at the factors behind this breakthrough.
Ethereum’s ETH reaches a new all-time high (ATH)
Over the weekend, we revisited Jerome Powell’s statements, which allowed the cryptocurrency market to find new momentum after a brief period of uncertainty. One of the big winners of this bullish acceleration is certainly Ethereum’s ETH, which finally managed to reach an all-time high (ATH) after nearly four years without a new record.
While the price of Ether stands at $4,700 at the time of writing, down 1.59% over 24 hours, the asset still managed to reach $4,946 on Sunday evening:
With a previous ATH of $4,868, it should be noted, however, that ETH is in a similar situation to that of BTC in the spring of 2024, when the ATH of the previous bull run was only slightly exceeded and records were set one after another without any real bullish explosion.
Admittedly, Ether has risen 240% since April, but this comes after a long period of underperforming BTC, mirroring the altcoin market.
Now that the world’s second-largest cryptocurrency is back in the race, all eyes are on the symbolic $5,000 level.
To achieve this, Ether can count on strong institutional support from US spot ETFs on the one hand and Ethereum Treasury Companies on the other.
With nearly $30.58 billion in net assets under management, ETH ETFs are also at an all-time high and now account for 5.41% of Ether’s capitalization. With the new ATH, this figure is likely to be revised upwards when the US markets open this afternoon:
For their part, Ethereum treasuries hold slightly less ETH, but with 2.61 million units, this still represents 2.16% of the Ether supply. According to data from our colleagues at The Block, we are also seeing a significant acceleration in acquisitions since August:
To a lesser extent, as the impact on price is more limited, it should be noted that nearly 29% of existing ETH is deposited in staking. However, these percentages should not be added together, as most of the Ether in treasuries is also staked. While we have seen larger outflows in recent weeks, this may nevertheless help to slow down potential sales.
