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.
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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.
Nice post! Targeting ETH around $1,200
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While many Ether-based companies have created their own Ethereum ERC-20-based tokens, which are listed and able to be traded themselves, the core ETH coin still makes the most.
Despite these Ether-based applications running on their own tokens, the applications themselves still rely on ETH as "gas" to keep them running on the Ethereum network.
When people buy tokens for these companies, they usually do so by purchasing them with ETH, and as more of these companies pop up and the demand for ETH increases in order to get access to them, so will the price of ETH.
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