Ethereum Clears New Record High Ahead of Berlin Upgrade
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The second-largest cryptocurrency, Ethereum (ETH), has hit a new all-time high today at $2,402, with its market cap exceeding $270 billion. This jump has placed the cryptocurrency above some of the world’s largest companies, including Intel Corporation.
Meanwhile, the ETH rally comes just a couple of hours before Ethereum undergoes the Berlin upgrade. For a while now, Ethereum network fees have been a serious concern for network users due to their rapid increase over the months. Despite that, investors continue to hold their coins, thereby capping supply.
That said, the concerns about ETH fees got eased a bit, with the gas fee dropping to a five-week low on the news of the upgrade. Although the Berlin upgrade won’t change much on the network, it would open the doors for the London upgrade, which would be implemented this summer.
The London upgrade should solve the excessive gas fees concerns for users by burning some of the gas fees.
Meanwhile, the on-chain fundamentals for Ethereum also support a price rally for ETH, as reports show that Ethereum holders are steadily moving their coins off exchanges, which has reduced the supply. Glassnode reported that the active coin supply on exchanges has reached a seven-month low.
Key ETH Levels to Watch — April 14
Ethereum—as well as the entire crypto industry—is on a bullish roll ahead of the Coinbase IPO scheduled for the open of the US market later today. ETH would likely break its new ATH ($2,402) over the coming hours.
That said, a dip from the cryptocurrency’s current price ($2,379) should get adequately supported by the $2,300 support. Nonetheless, the prospect for a bearish move in Ethereum is very unlikely, given the upbeat climate in the industry at the moment.
Meanwhile, our resistance levels are at $2,402, $2,440, and $2,480, and our support levels are at $2,340, $2,300, and $2,280.
Total Market Capitalization: $2.2 trillion
Ethereum Market Capitalization: $272 billion
Ethereum Dominance: 12.3%
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