Ethereum outperformed bitcoin once again on Monday as it soared past the $1,400 resistance to set a new all-time high near $1,475. The ETH price managed to topple its previous high of $1,430 set last week after the altcoin exploded 21% in the last 24 hours.
Interestingly, the new price record has come on the seven-year anniversary of the ETH project. On this day back in 2014, Vitalin Buterin, Ethereum’s main developer, revealed that his team would launch the ETH blockchain while addressing an audience at a bitcoin forum.
Ethereum has now gained 90% on a year-to-date basis; its upward momentum is expected to match that of bitcoin in the coming days.
One popular crypto analyst predicts that the ETH price could soon see a parabolic rally, just as BTC did. Lark Davis pointed to large amounts of the altcoin leaving exchanges at a rapid rate, a factor that could create a supply shortage and facilitate a strong bullish move.
“Ethereum balance on exchanges has reached a 15 month low, and withdrawals are not slowing down. Price probably going to double in the next two weeks like bitcoin did,” the crypto analyst tweeted while sharing the chart below.
ETH balance on exchanges | Source Glassnode
Accumulation by Wealthy Investors Boosts ETH Price
The second-largest cryptocurrency by market cap is rallying higher, likely backed by strong hands buying every dip. As per data from on-chain analytics firm glassnode, the number of whale addresses holding at least 10,000 ETH rocketed to a 13-month high of 1,103 over the past weekend.
These stats indicate that increased accumulation from high-net-worth individuals is putting upward pressure on the ETH price.
Rahul Pagidipati, CEO of India’s ZebPay crypto exchange, recently argued that investors are turning to ETH now that BTC has entered a consolidation phase.
More investors with deep pockets seem to be drawn into Ether due to its lower price of entry as compared to BTC and the buzz surrounding the ongoing Ethereum 2.0 upgrade.
Small investors also seem to have played a significant part in the ongoing ETH uptick, with addresses holding at least 0.1 ETH hitting record highs as well.
UNI Price Surges Above $12
Uniswap’s native token UNI has been exploding higher over the past few sessions after it surmounted the main hurdle near $10.00. The UNI price surged over 25% to reach the $12 mark before correcting slightly lower.
The DeFi token now needs to remain stable above $11.50 and $11.00 for the next move higher, possibly towards the $14.50 and $15.00 resistance levels.