Ethereum scored a new all-time high early this Friday morning at $4401, accentuating an upward movement that began on Wednesday night following a low at $3895. Thus, at this morning’s high, Ethereum was showing a 13% gain over just over 24 hours.
In addition to benefiting from the cryptocurrency market’s general rise after a correction phase earlier this week, Ethereum’s price has been boosted since yesterday by reports that the Altair Ethereum 2.0 update has had a successful launch.
The success of the Altair update of the Beacon chain was seen as an important factor paving the way for the merger with the main Ethereum network and the final transition to a PoS (proof-of-stake) consensus mechanism that will give birth to Ethereum 2.0.
Recall that Ethereum’s success this year is also due to the platform’s use in the booming decentralized finance (DeFi) and non-fungible token (NFT) sectors. They point to the continued rise in demand for Ether going forward, ensuring additional tailwinds to its bullish outlook in Q4 2021 and possibly 2022.
Since July, Ethereum has also undergone significant upgrades, such as the London Hard Fork introducing a deflationary asset-based burn mechanism as part of the network’s pricing structure.
Technical thresholds to watch for on Ethereum in the short term
From a chart perspective, Ethereum’s positive trend is reinforced by the day’s new highs, although the cryptocurrency has corrected from its highs. With ETH currently trading at $4,312, the next support to watch is the $4,300 mark. On the upside, the $4400 area is the first resistance to consider.