Ethereum hits $2,700 mark to record new high

Ethereum has soared to new heights.

Following the news of the European Investment Bank’s (EIB) plan to sell a “two-year digital bond” on the Ethereum blockchain network with a value of up to 100 million Euros, the digital currency has soared to record an all-time high and reach the $2,700 level.

For three consecutive days, Ethereum (ETH) has continued to rise after it experienced a bit of a slump the past week. Stimulated by the news, the price of the cryptocurrency hit a high of $2,718. It then retraced and traded to more than $2,617.

According to Coinmarkeptcap, the second-largest digital currency in terms of market capitalization has increased by more than 13% in the past seven days.

Digital bond will act as trigger

A Reuters report said that SFOX cryptocurrency broker Danny Kim believed the issuance of EIB digital bonds would result in a bullish trend because the supply of Ethereum (ETH) will decrease.

He said, “The amount of Ethereum sitting on exchanges continues to drop lower and has been the lowest in the past year.” The broker further explained that “with less supply on exchange available, there’s less likely a chance of a major sell-off.”

That bullish run was proven with the record set yet again by Ethereum.

Meanwhile, reports have also stated Goldman Sachs, Santander, and Société Générale will lead the issuance of the digital bonds.

ETH more bullish

According to data from Bybt, the majority of sell options are focused around $2,400 strike prices, while call options are valued at around $2,560.

The call/put ratio is 1.36, indicating that there are more investors who are positive and enthusiastic about the outlook of the Ether market, making Ethereum (ETH) more bullish than bearish.

Aside from the stimulating news, the decline in gas fees for the Ethereum network and the revival of the Decentralized Finance (DeFi) market have contributed to the surge in the price of the altcoin, powering it to a new all-time high.

 

Image courtesy of Cointelegraph News/YouTube

Micky is a news site and does not provide trading, investing, or other financial advice. By using this website, you affirm that you have read and agree to abide by our Terms and Conditions.
Micky readers - you can get a 10% discount on trading fees on FTX and Binance when you sign up using the links above.