Quick take:
Ethereum’s stay below $1,000 was short lived as the dip was quickly bought up by ETH investors. The quick buying of Ethereum has led the team at Crypterium analytics to conclude that traders are particularly enthiastic about ETH. They explained their observation as follows
.…Ethereum, the price of which briefly dropped below $1,000 and even reached $900…at this moment the buyers became more active and returned the price above $1,000. This is a good moment for Ethereum and suggests that a large number of market participants continue to believe in this coin.
Additionally, the analysts at Cryterium point out that $1,350 needs to break for Ethereum to set a new all-time high. They also pointed out that the listing of the CME Ethereum futures on February 8th will provide the momentum for ETH to do so.
We believe Ethereum will be able to establish a new ATH in the coming weeks. Growth could continue until early February, when CME promised to add Ethereum futures. In this case, the price can go up for quite a long time and even reach the range of $1,800 — $2,000.
With respect to on-chain fundamentals, crypto exchanges are currently running low on their Ethereum reserves. This fact was highlighted by Alex Saunders via the following tweet.
The drastic reduction of Ethereum stored on crypto exchanges could be due to investors storing their ETH offline in anticipation of gains in the weeks and months to follow. Therefore, Ethereum could very well be on a path towards setting a new all-time high.