A three-year hodl for Ether investors finally comes good as the largest altcoin surges into unknown territory on Tuesday.
Ether (ETH), the largest altcoin by market cap, finally reached new all-time highs against the U.S. dollar on Jan. 19.
Ether price is back after 3 years
Data from Cointelegraph Markets and TradingView showed ETH/USD beat its existing record during Tuesday trading, passing $1,428 on Bitstamp.
The achievement, which resets a price ceiling in place since Jan. 13, 2018, came as Ether gained 15% on the day, with year-to-date returns at nearly 100%.
The altcoin benefited from interest in decentralized finance (DeFi) trading built around the Ethereum network, within the context of a broader altcoin resurgence which began taking shape earlier in January.
“#Ethereum $1,400. If this continues running according to Fibonacci, we might hit $1,600,” Cointelegraph Markets analyst Michaël van de Poppe summarized to Twitter followers on Tuesday.
Van de Poppe had previously forecast that Fibonacci levels could take ETH/USD as high as $2,600 in the short term.
“Ethereum’s daily transaction volume is going parabolic,” Ryan Watkins, a researcher at Messari, added.
“It now settles $12 billion in transactions daily – $3 billion more than Bitcoin. Imagine not being bullish $ETH.”