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Ethereum (ETH) Soars Past $1,800 with Momentum from Surging Institutional Interest: Report

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“Ethereum (ETH) skyrockets past $1,800 fueled by a groundbreaking driver, paving the way for a revolution in decentralized finance.”

Recent analytics data has revealed the major factor that helped Ethereum get back over the $1,800 price level, suggesting a coming rise over $2,000. A recent tweet by on-chain data agency Santiment has revealed an important driver that pushed Ethereum up, helping it to regain the $1,800 price mark.

According to Santiment, the major driver that moved ETH over $1,800 was the day when the biggest number of new wallets emerged since early October. The analytics team of the company believes that if the Ethereum network continues to grow long-term and the ETH supply on exchanges continues to decline, “ETH has justification to cross $2,000 once again”. Currently, the supply of Ethereum remains at the lowest level since ETH Genesis.

In addition to this, Ethereum co-founder Vitalik Buterin recently deposited a small amount of ETH to the largest US-based crypto exchange Coinbase. This move comes after previous transactions where Buterin transferred ETH to Coinbase and other crypto trading venues. These transactions have caught the attention of the crypto community, as they suggest that Buterin may be cashing out some of his ETH holdings.

At the time of writing, ETH is changing hands at $1,798, according to the data provided by CoinMarketCap.

About the author: Yuri Molchan is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017 and believes that blockchain and cryptocurrencies have the potential to transform the world in the future. Yuri is a news writer at U.Today and can be contacted at [email protected].

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