The price of ether, the native token of the ethereum platform, has hit a new all-time high and is now eyeing the $1,000 mark.
As of writing, ether (ETH) is trading at a record $978. The world's third-largest cryptocurrency by market capitalization has appreciated by 11 percent in the last 24 hours, according to data source CoinMarketCap.
A deeper look at the individual markets suggests the cryptocurrency is trading above $1,000 on Asian exchanges offering ETH/KRW pairs. Meanwhile, on western exchanges, ETH is trading slightly below $950 levels.
Notably, 24-hour trading volume stands at $5.83 billion, which marks a 125 percent increase since Jan. 1. A high volume rally indicates strong hands are at play and the move has legs.
The technical chart also indicates scope for a rally to $1,045 levels.
Ether 1-hour chart
The above chart (prices as per Coinbase) shows:
- Bull flag breakout, a bullish continuation pattern. As per the measured height method (flag height added to breakout price), ether could rally to $1,045 levels.
- The relative strength index (RSI) is well short of the Jan. 1 high (overbought conditions), indicating scope for the rally.
- Other factors, including higher lows as represented by rising trend lines and the upward sloping 50-day moving average, also favor further upside in ETH prices.
- Ether looks set to rise above $1,000 and possibly extend gains to $1,045-1,050 levels.
- The overbought conditions as shown by the daily RSI could yield a wave of profit taking, although dips below $875 (Dec. 19 high) could be short-lived, as suggested by the upward sloping moving averages.
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