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Ethereum: four consecutive days of record highs
Ethereum: four consecutive days of record highs
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Ethereum: four consecutive days of record highs

By Federico Izzi - 5 Feb 2021

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After breaking the absolute all-time highs of January 2018, Ethereum continues to charge forward and set new absolute all-time highs for the 4th consecutive day. 

In these hours, ETH prices rise above $1,730 recording one of the best rises of the day, a rise that drags behind all the altcoins. 

It has been an explosive week for Ethereum and the altcoin sector. After the early part of the year when Bitcoin emerged and attracted a lot of attention, the month of February has seen the redemption of altcoins, especially Ethereum

coin360 20210205
Source: COIN360.com

Today, over 85% of the top 100 are above par.

Among the top 10, Cardano (ADA) has performed very well, almost +20% and Ripple (XRP), which after sinking over the last few days following the strong rise that had characterized its prices over the weekend, closed with one of the best weekly rises and a gain of 50%. 

XRP 20210205

XRP, unlike Bitcoin and ETH, is definitely far from the historical records of 2018 when its quotations exceeded $3, 10 times higher than current quotations. 

Today’s rises push the total market cap to over $1.170 billion, an all-time record in terms of capitalization. Bitcoin retreats to 60% of the market share, its lowest level in 3 months. 

In contrast, Ethereum’s gains saw its market share rise to 17%. XRP remains unchanged at 1.7%, levels from where it has fluctuated since early February. 

With today’s rise, XRP once again managed to overtake Polkadot (DOT) and regain 3rd place in the overall ranking.

DeFiPulse 20210205

DeFi is also at an all-time high, with its main project, Maker, up more than $34 billion in TVL and close to $6 billion. Strong rise also for Aave‘s TVL, which flies from $4 billion to over $5.5 billion in just a few hours. 

These are all-time highs for the platform, which has established itself as one of the leading projects in decentralized finance, particularly for lending and financing. In third place, there is Compound with $3.9 billion. 

Uniswap is in fourth place, the first DEX to establish itself as a leader in trading operations with 50% of total cryptocurrency trading.

BTC 20210205
Bitcoin chart by Tradingview

Bitcoin (BTC) targets $40,000 

Bitcoin is back above $38,000, a threshold that is technically not particularly relevant as the real resistance level is $39,000 which corresponds to 75% of the Fibonacci retracement, taking as reference the highs of early February and the double low of late January. This will be the level to monitor over the weekend. 

If the resistance is exceeded accompanied by volumes, the first target will be the psychological area of 40,000 and then the historical record of January 8th, just a step away from 42,000 dollars. 

The trend continues to be set to the upside even in the short term. The first warning signal for short-term intraday volatility would only come with prices below $35,000.

ETH 20210205
Ethereum chart by Tradingview

Ethereum (ETH), another record high

Ethereum continues to climb into uncharted territory with unprecedented levels above $1,700. At the moment, there are no bearish signals even from an intraday perspective. ETH has ample room for manoeuvre even for bearish speculation up to 1,400 dollars, meaning 300 dollars down from current levels without affecting the short-term uptrend. 

There is ample room for manoeuvre also with regard to the medium-term with danger levels decidedly distant, therefore ETH remains at this moment in a phase where there are no dangers even, although it is always better to use caution especially for short-term operations and in a bullish phase such as the current one. ETH has gained over 30% since Monday’s levels.

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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