ETH/USD reached new all-time highs today at $1695 and the moving averages all continue to rise. We went long ETH/USD last April and are +1039%. We took a partial gain at +641% and have enjoyed the free ride given to us by Ethereum.
Grayscale bought 47,000 Ethereum in the last 24 hours, institutions want ETH, and they are piling in right now!
While the bulls are clearly in control, I have noticed on a 5 year chart how over-extended the MACD looks and the RSI is at 88. The chart above displays the price over the last 12 months and the MACD and RSI are not overextended. Just something to consider in a field full of bulls.
Fees for transacting on the Ethereum network breached previous records, passing above $20 for the first time Thursday as the miners. The increase in the cost of transactions on the Ethereum network also reflects the growing demand for ERC-20 based tokens, especially stablecoins and the DeFi sector.
Note
*as the miners earned a record $830 million in January.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.