Ether Prices Reached A Fresh All-Time High“”What’s Next?
- Date: 04-Feb-2021
- Source: Forbes
- Sector:Technology
- Country:Middle East
Ether Prices Reached A Fresh All-Time High“”What’s Next?
Ether surpassed $1,600 today, climbing to a record level as the broader cryptocurrency market pushed higher.
The native token of the Ethereum network rose to as much as $1,651.27 this afternoon, according to CoinDesk data.
By reaching this level, the digital asset had gained more than 1,700% in under a year, increasing from less than $100 in March, additional CoinDesk figures reveal.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
After the cryptocurrency's impressive rally, several market observers weighed in on where it might go next.
"ETH/USD finally broke above the key psychological level of $1,400 and has been able to maintain its bullish momentum in the past 2 days,“ said Kiana Danial, CEO of Invest Diva.
"However, due to its volatile nature and the fact that institutional investors may start taking profit soon, we could see pullbacks again.“
Danial provided more specific information, stating that:
"The current all-time-high level is around $1,650. Based on Fibonacci retracement levels tracing the most recent uptrend that started at the end of December 2020, the key psychological support levels are at $1,400, $1,229, and $1,100 respectively.“
"The same length Fibonacci calculated the next resistance