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Bullish ETH Sets New All-Time High as It Touches $3,800

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Ethereum has reached another all-time high on Saturday following bullish momentum. As exchange outflows increase with ETH 2.0 looming.

The second largest cryptocurrency reached a new all-time high on Saturday as it tapped $3,800 on Binance.

Ethereum has seen bullish momentum increase following a surge in popularity among investors. The crypto has climbed 110% within the last month. While seeing a combined gain of 423% over 2021 so far.

Source: Tradingview

The crypto continues to climb following recent news that the S&P Dow Jones has launched several crypto indexes, including an ethereum index.

Following the recent Berlin upgrade, which comes several months before the London upgrade is expected to occur, ethereum has seen an increase in transaction throughput.

Ethereum gas prices have recently declined, pushing transaction volume up. The ethereum blockchain recently also hit 16.5 transactions per second (TPS) according to on-chain analytics by Glassnode.

Gas prices hit a low of approximately $8 on May 2 according to BitInfoCharts.

Further price action expected

Crypto traders continue to expect more upside for ethereum. CryptoQuant CEO Ki Young Ju tweeted on the recent all-time high, saying “Selling ETH now seems not a good idea in the long term. Follow US institutional investors, not against them”. The tweet refers to an increase in buying activity on popular cryptocurrency exchange Coinbase.

Current statistics on CryptoQuant indicate that ethereum reserves on exchanges are declining as the price continues to climb. The recent statistics indicate that there is currently 19 million ethereum on exchanges. Down from over 21 million ethereum three months ago.

ETH 2.0 looming

Ethereum 2.0 staking also saw an increase in new depositors this week. With May 5 seeing a record high for 2021. A total of 1,779 new depositors added their 32 ethereum to the deposit contract.

The recent statistics indicate that there is now over 4.3 million ETH being staked in the deposit contract. With a value of $15.48 billion.

Ethereum is currently experiencing its second best year in price growth since 2018, following a 488% gain in 2020.

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