- ETH passes $1,700 for first time since September: Ethereum briefly surpassed $1,700 on February 2, soaring more than $500 since the start of the year.
- Analysts say local top may be in play: Supply of ETH on exchanges have fallen to their lowest levels since June 2018. A chart published by the market intelligence platform Santiment identified several key points that suggest a local top may be in.
- Key metrics suggest local top forming into the weekend: Major ETH profit taking hit its highest level since February 2021, while ETH supply on exchanges fell to below 11.25%, their lowest level since June 2018.
ETH Passes $1,700 for First Time Since September
Ethereum briefly surpassed $1,700 on February 2, soaring more than $500 since the start of the year. This marks a significant milestone as it is the first time ETH has passed this price point since September 2020.
Analysts Say Local Top May Be In Play
The surge in price has caught analysts‘ attention and they believe it might be short-lived. Supply of ETH on exchanges have fallen to their lowest levels since June 2018 according to a chart published by the market intelligence platform Santiment which identified several key points that suggest a local top may be in.
Key Metrics Suggest Local Top Forming Into The Weekend
The chart showed that major ETH profit taking hit its highest level since February 2021 coinciding with when ETH supply on exchanges fell to below 11.25%, their lowest level since June 2018. This may point to a potential local top forming into the weekend with Ethereum currently stable at around $1,640.
