ETH Price analysis: Is ETH worth investing in after it hits its new all-time high?

By: Invezz
Ethereum price struggling to reclaim the $400 resistance level

Ethereum ETH/USD is still dominating the charts as the second-largest cryptocurrency token in terms of market capitalization.

It is an open-source blockchain-based platform that is constantly being utilized due to its smart contract functionality, which powers decentralized applications (dApps), non-fungible tokens (NFTs), and decentralized finance (DeFi).

Success is driven by the booming DeFi, NFTs and Altair upgrade

Ethereum successfully launched its Altair upgrade, with 98.7 of nodes being upgraded.

This Altair upgrade will precede the merge of Beacon Chain, and the Ethereum mainnet.

The success of the booming sector of decentralized finance (DeFi) and non-fungible tokens (NFTs) can be attributed to this growth of ETH.

They highlight the ongoing rise in demand for Ether (ETH) in the future, and as such, ensure an additional bullish outlook in Q4 of 2021 and a potential push in Q1 of 2022.

Additionally, since August, Ethereum has also seen important upgrades such as its London Hard Fork, which introduced a deflationary burning mechanism to assess its fee structure. 

Should you invest in Ethereum (ETH)?

On October 29, Ethereum (ETH) had a value of $4,318.32.

To get a better perspective as to what kind of value point this is for the token, we will be comparing it to its all-time high value as well as its performance in September.

On October 29, 7 hours prior to writing this, ETH hit its all-time high value of $4,416.05. Here, we can see that at its all-time high, the token was just $97.73 higher or 2.26% higher in value than at its point of value at the time of writing.

When we go over the token’s performance in September, we can see that, on September 3, the token was at its highest point at $3,972.66.

Its lowest point of the month was on September 22, when the token fell to a value of $2,730.41.

Here we can see that the token dropped in value by $1,242.25 or by 31%.

That said, from September 22 to October 29, the token increased its value by $3,076.07 or by 247%.

Within the last seven days, ETH saw $78.28 billion in transactions greater than $100,000.

Additionally, it saw $8.31 billion in total exchange inflows and $9.47 billion in total exchange outflows within the last seven days.

With this in mind, we could potentially see ETH rise to $4,500 by the end of November and hit a potentially new ATH value.

The post ETH Price analysis: Is ETH worth investing in after it hits its new all-time high? appeared first on Invezz.

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