Ethereum Reaches A New All-Time High Of Over $4,500 As Bulls Push Forward: When $5,000?

Ethereum ETH/USD just broke another record-high price as on-chain metrics indicate that bullish sentiment continues growing.

What Happened: Ethereum set a new all-time high record price of $4,523 on Tuesday, according to TradingView data. The previous high of $4,380 was reported on May 12.

According to Glassnode data, the new price record coincides with an all-time high for Ethereum’s hash rate of over 766.4 Gigahash per second, indicating that the coin's miners are heavily investing in expanding their infrastructure

This may be caused by miners wanting to accumulate Ether in anticipation of the cryptocurrency becoming deflationary following its transition to proof-of-stake — which will also do away with mining Ethereum and only allow for staking.

See Also: Is Ethereum a Good Investment?

Recent reports indicate that recently the Ethereum balance held on cryptocurrency exchanges fell to a two-year low as bullish sentiment pushed people to move their coins off exchange for long-term storage. Furthermore, the same report also notes Ethereum's realized cap reached an all-time high of $186.1 billion.

ETH Price Action: As of Tuesday afternoon at publication, Ethereum is trading at $4,494.58 after seeing its value gain 4.61% over the last 24 hours, according to CoinMarketCap.

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