Share this article
$750: The Ether Price Freight Train Has a New Target
The price of ether, ethereum's native token, hit a new all-time high of $686 today, and the price chart analysis suggests the rally could continue.
Updated Sep 13, 2021, 7:16 a.m. Published Dec 13, 2017, 12:45 p.m.
The price of ether, ethereum's native token, hit a new all-time high of $686 today, and the price chart analysis suggests the rally could continue.
At the time of writing, ether was trading around $680. As per CoinMarketCap, the world's second largest cryptocurrency by market capitalization has appreciated by 24.6 percent in the last 24 hours.
STORY CONTINUES BELOW
Huwag palampasin ang isa pang kuwento.Mag-subscribe sa Crypto Daybook Americas Newsletter ngayon. Tingnan lahat ng newsletter
Having scaled $400 on Nov. 23, ETH spent a better part of the last three-weeks trading sideways in the $400–$480 range.
The congestion ended with an upside break on Monday amid news that Swiss banking giant UBS, along with other banking industry heavyweights, are planning to use the ethereum network as a means of complying with new regulations scheduled to go live in the EU on Jan. 3.
Ethreum's smart contract capabilities and the decentralized nature could bring down the costs associated with data reconciliation and storage, the firms told CoinDesk.
Advertisement
Whether news driven or not, ETH has rallied 50 percent in the last 48 hours on the back of strong volumes. Twenty-four-hour volume has moved closer to $5 billion, while ether's market capitalization currently stands at $63.71 billion.
That said, there is still plenty of steam left in the bullish move, indicates the price chart analysis.
1-hour chart
The above chart shows that, despite the bearish price-relative strength index (RSI) divergence, ether managed to defend support at $632.31 (161.8 percent Fibonacci extension).
Further, it has witnessed a solid rebound to near $690 levels. The move points to strong "buy the dip" mentality in the markets.
Weekly chart
The above chart shows a bullish symmetrical triangle breakout; the upside break witnessed in November signaled the continuation of the rally from December 2016 lows below $6.00 levels.
Advertisement
As per the measured height method, the bullish break in November opened doors for a rally to $730 levels.
View
Ether looks set to challenge resistance at $730 levels and could extend gains to $752 levels (261.8 percent Fibonacci extension level). The RSI shows overbought conditions, however, hence higher peaks may be transitory.
On the downside, $632 (161.8 percent Fibonacci extension) is likely to act as a strong support.
Train image via Shutterstock
Higit pang Para sa Iyo
Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
Ano ang dapat malaman:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
Higit pang Para sa Iyo
This article is created to test tags being added to image overlays
Dek: This article is created to test tags being added to image overlays
Ano ang dapat malaman:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
Top Stories
