What is pushing ether to historic highs?

(ORDO NEWS) — This week the broadcast has renewed its all-time highs. The crypto asset is also noticeably outperforming bitcoin in terms of growth rates since the beginning of the year, adding almost fivefold against only a twofold growth of the reference cryptocurrency. What are the prospects for the broadcast?

On closer inspection, it can be seen that in October the first two cryptocurrencies grew approximately the same: BTC + 53% and ETH + 47%. At the same time, the ether had a deeper pullback after reaching the May highs.

Until the middle of last week, the growth of Ether and Bitcoin was comparable. It is even possible to single out the outstripping dynamics of BTC, but then the first cryptocurrency stalled soon after updating the highs, and interest in the crypto market began to expand, primarily pushing ETH up.

If you look at the chart, you will notice how steadily the ether rewrites local highs, receiving support on intraday downturns. Such a strong trend is a sign of good short-term potential for a rally, as emotions have not yet entered the game.

Among the fundamental factors for ether, it is worth highlighting the network update, which optimizes the processes (transactions are faster, cheaper). The project is developing relatively predictably, and this plays into the hands of its reputation, as it attracts those who are trying to value cryptocurrencies as a business.

It should also be noted that many projects use the Ethereum blockchain for their cryptocurrency projects. That is, the development of the cryptocurrency universe increases the demand for ETH.

The air rally looks far from complete. It is worth tuning in that price fixation above historical highs can strengthen FOMO and push the price towards the $ 5400 area before signs of “fatigue” from the current rally and a temporary return to the $ 4400 levels appear.

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