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

CoinDesk - Unknown

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.

View

  • 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.

Skyscrapers via Shutterstock

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.