Second largest cryptocurrency by total market capitalization Ethereum (ETH), Despite Bitcoin’s complex movements, it continued to rise and broke the all-time record.
It was determined that the ETH price saw $ 4,400 at around 03:00 at night and broke the all-time record.
Although the Ethereum price is currently trading at the $4,380 band, the 46% increase since the beginning of October definitely indicates that ETH is in the general bull.
ETH, which fell to $ 1,706 on July 21, has increased by 147% since then and entered the price discovery phase.
ETH Breaks Record
Especially the Altair update seems to have been effective in this. 98.7% of network nodes have migrated to this update and there has been a successful transition between Altair and Beacon Chain.
The Altair update on the Beacon Chain was seen as a critical step towards the transition to Ethereum 2.0, and Ethereum is now officially paved.
Famous economist and analyst Raoul Pal, in his statement on the subject, emphasized that he was “bullish” about Ethereum and that he had a serious long position.
Stating that the biggest position in his life is now the Ethereum long position, the famous name gave a period of 6 to 9 months and revealed his record expectation.
Just so we are clear – I am more than irresponsibly long ETH right now. I now have leverage but via calls. This is by far and away the biggest personal position of my entire life by a factor of 10 (or more).
My view horizon for this part of the trade is 6 to 9 months.
— Raoul Pal (@RaoulGMI) October 29, 2021
The reason why the famous economist is so assertive about Ethereum may be the successful progress of the Ethereum 2.0 update and the world of DeFi.