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Markets

Getting Started? Ether Sets New High Above $500

Ethereum's native token is trading at all-time highs, but signs suggest the market may be becoming overheated.

By Omkar Godbole
AccessTimeIconNov 29, 2017 at 3:30 p.m. UTC
Updated Sep 13, 2021 at 7:12 a.m. UTC
Pause button via Shutterstock
Pause button via Shutterstock

Having set fresh record price highs today, ethereum's native token is looking to push higher.

As per CoinDesk's price index, ether (ETH) moved above $500 at 12:35 UTC and hit an all-time high of $522 soon after. Data from CoinMarketCap shows ETH has appreciated 8.74 percent in the last 24 hours.

Stepping back a bit, this is a sharp reversal from mid-September when prices had fallen almost 50 percent to near $200 levels. However, they soon regained the bid tone – supposedly on the back of the sharp rally in bitcoin prices. The big breakout above $320 happened earlier this month, and as of now, ETH is up a staggering 7,000 percent on a year-to-date basis.

So, will the rally continue? The price action analysis suggests ether bulls could have a breather around $500 levels in the short-term.

ethusd-2

The above chart shows:

  • Ether is overbought as per the relative strength index (RSI).
  • The first attempt to take out the resistance ($514.52) offered by 161.8 percent Fibonacci extension level has failed.

View

Most analysts/traders consider 161.8 percent Fibonacci extension a major target or resistance level. The fact that ether is showing signs of exhaustion around that hurdle, at a time when the RSI is screaming overbought conditions, indicates prices could consolidate around $500 levels for the next few days.

The 10-day MA is sloping upwards, suggesting dips below the same are likely to be short-lived.

Pause button image via Shutterstock

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.