Ethereum Break Through ATH To Over $4,550

After completing the Altair hard fork upgrade last Wednesday, Ethereum once again hit a record high today - $4554.3 at the time of writing. The second-largest cryptocurrency is still rising, with a 24-hour increase of more than 5%. 

According to the data from Bitpush Terminal, since trading at a low of $2,737 on September 25, Ethereum has rallied over 63% in over a month, the price broke through $4,400 on October 28, and now the bulls seem to be unstoppable.

Coinbase International tweeted that if Ethereum can maintain its current development trajectory, it is expected to achieve positive growth for the eighth consecutive quarter.

Data from the Glassnode shows that the fundamentals of Ethereum are strong, 28% of ETH's total supply is locked in smart contracts, the ETH balance on the exchange is about 12%, which means that investors are not in a hurry to sell. In addition, the address holding at least one ETH has grown strongly.

Well-known on-chain analyst Willy Woo also keeps bullish on ETH, he said: "While BTC is building up strength for ATH escape velocity, ETH is quietly building even stronger on-chain fundamentals not yet reflected in the price."

By Mary Liu

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