By Solomon Odunayo
Tyler Winklevoss, the CEO of Gemini, the US-based cryptocurrency exchange, has set a new target for Ethereum (ETH), the second-largest cryptocurrency by market cap after the leading digital token broke above $1,700.
According to Tyler in a new tweet, the trend of ETH price has been on his mind, setting $2,000 as the next resistance for the digital currency.
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Tyler Winklevoss tweeted, “It’s become time to start thinking about Ether ETH in terms of thousand dollar chunks. Next stop 2k.”
It's become time to start thinking about Ether $ETH in terms of thousand dollar chunks. Next stop 2k.
— Tyler Winklevoss (@tyler) February 5, 2021
Tyler has been showcasing his interest in Ethereum (ETH) over the last couple of weeks. In one of his recent tweets about the cryptocurrency, he wrote, “Ether $ETH starting to move. It’s easily been the most undervalued crypto lately.”
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Moments ago, he also informed his teeming followers on Twitter about the new height recorded by the leading digital token.
He wrote, “It’s happening…Ether ETH above 1.7k.”
It's happening…Ether $ETH above 1.7k
— Tyler Winklevoss (@tyler) February 5, 2021
Ethereum (ETH) Price Trends
Ethereum is in its best form since it broke into the cryptocurrency scene. Ether’s performance this year so far has been nothing but spectacular as it continues to break boundaries. The price of ETH climbed to a new high of $1,543 in the early trading hours of February 3. Hours later, ETH smashed the $1,600 mark, touching another new all-time high ($1,651) and breaking a key resistance level.
Ethereum’s current value means the digital asset is up by over 1,700% in under 12 months, trading less than $100 in March 2020. The cryptocurrency is also up 26% over the past seven days as ETH is described to be in a “price discovery mode” and could surge past the $2000 mark in the coming weeks as there is little to no resistance in sight.
At the time of filing this report, ETH is trading at $1,748.60, with about an 11% price uptrend in the last 24 hours.
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Decentralized finance (DeFi) has been a major player in the growth of the Ethereum blockchain. DeFi protocols touched a new high after reports revealed that more than $28 billion in value is locked into Ethereum-based DeFi protocols.
Institutional interest in ETH is also on the rise as many institutional investors see the digital set as a store of value thanks to its strong performance and returns.
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