Ether jumps to new high near $3,500 as momentum builds behind the cryptocurrency – and analysts say $5,200 is the next target

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

Ether jumped to a record high of close to $3,500 on Tuesday as interest in the world’s second-biggest cryptocurrency continued to grow, while bitcoin struggled.

Analysts at the Kraken exchange said there was a lot of momentum behind ether and that technical chart analysis suggested the cryptocurrency could rise to around $5,200 before facing another serious level of resistance.

Ether rose 6.7% on Tuesday to $3,381.20 as of 6.20 a.m. ET time, according to CoinGecko. It had earlier hit an all-time high of $3,446.90 after rising more than 33% over seven days.

The native currency of the Ethereum blockchain network has been on a hot streak in recent weeks while bitcoin – the world’s biggest cryptocurrency – has stumbled.

Ether’s year-to-date gain stood at 357% on Tuesday, compared to bitcoin’s 93% rise.

Many investors are increasingly keen on ether and the Ethereum network because applications such as non-fungible tokens, or NFTs, can be built upon it. Ethereum is also central to decentralized finance more...