ETH experienced a bullish breakout on Tuesday that pushed the price up to a new all-time high of $ 1,428.

While the move may be technical, Etheruem’s fundamentals continue to improve less than a month after launch. Currently, $ 3.8 billion ETH is blocked on the Eth2 blockchain.

The rapid rise in prices has clearly caught the attention of pros, but Cointelegraph analyst Marcel Bischmann warns that the rise in ether to new highs has also been accompanied by a significant increase in short positions.

ETH / USDT 4-hour chart. Source: TradingView
The rally in ether to a new high had little impact on the price of bitcoin, and it looks like criticism from former Fed Chairman Janet Yellen has had a negative impact on the market as a whole today.

Yellen, who was named President-elect of Treasury Secretary Biden, said cryptocurrencies are “primarily used for illegal funding.” She made comments during a hearing with the Fiscal Cents Committee, and also proposed additional fiscal stimulus, asking Congress to “go big” when it comes to helping the ailing US economy.

Institutions are still thriving

Daily performance in the cryptocurrency market. Source: Coin360
Despite the current slight correction, institutional investors remain optimistic about Bitcoin’s long-term outlook. A recent forecast by hedge fund Vailshire Capital Management foresaw “imminent breakout,” and PlanB, the creator of the popular Stock-to-Flow model, predicted that Bitcoin’s price could close the month at around $ 48,000.

Unlike the cryptocurrency market, traditional markets ended the day confidently, and Wall Street saw Yellen’s call for more economic stimulus as a positive step. The S&P 500, Dow and NASDAQ finished all trading days with strong results following Yellen’s comments, closing 0.81%, 0.38% and 1.5%, respectively.

BTC / USD daily chart. Source: Coin360
Despite Yellen’s negative perceptions, the positive development of several blockchain projects has helped increase altcoin price choices.

Enjin (ENJ) price has risen 71% after the project was officially approved for trading by the Japan Virtual Currency Exchange Association (JVCEA). Aside from Ether (ETH), the top 20 currencies in the last 24 hours were Bitcoin Cash (BCH), rising 7.46% and trading at $ 546.

The total market capitalization of the cryptocurrency is now $ 1.046 trillion, and the dominance of bitcoin is 65%.

Source: CoinTelegraph

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