Advertisement
Australia markets closed

  • ALL ORDS

    7,937.50
    -0.40 (-0.01%)
     

  • ASX 200

    7,683.00
    -0.50 (-0.01%)
     

  • AUD/USD

    0.6499
    +0.0010 (+0.16%)
     

  • OIL

    82.69
    -0.67 (-0.80%)
     

  • GOLD

    2,336.00
    -6.10 (-0.26%)
     

  • Bitcoin AUD

    99,811.61
    -3,042.04 (-2.96%)
     

  • CMC Crypto 200

    1,404.89
    -19.21 (-1.35%)
     

  • AUD/EUR

    0.6075
    +0.0018 (+0.30%)
     

  • AUD/NZD

    1.0951
    +0.0021 (+0.19%)
     

  • NZX 50

    11,946.43
    +143.15 (+1.21%)
     

  • NASDAQ

    17,553.71
    +82.24 (+0.47%)
     

  • FTSE

    8,040.38
    -4.43 (-0.06%)
     

  • Dow Jones

    38,520.28
    +16.59 (+0.04%)
     

  • DAX

    18,088.70
    -48.95 (-0.27%)
     

  • Hang Seng

    17,201.27
    +372.34 (+2.21%)
     

  • NIKKEI 225

    38,460.08
    +907.92 (+2.42%)
     

Getting Started? Ether Sets New High Above $500

Omkar Godbole
Updated

Having set fresh record price highs today, ethereum's native token is looking to push higher.

As per CoinDesk's price index, ether (ETH) moved above $500 at 12:35 UTC and hit an all-time high of $522 soon after. Data from CoinMarketCap shows ETH has appreciated 8.74 percent in the last 24 hours.

Stepping back a bit, this is a sharp reversal from mid-September when prices had fallen almost 50 percent to near $200 levels. However, they soon regained the bid tone – supposedly on the back of the sharp rally in bitcoin prices. The big breakout above $320 happened earlier this month, and as of now, ETH is up a staggering 7,000 percent on a year-to-date basis.

So, will the rally continue? The price action analysis suggests ether bulls could have a breather around $500 levels in the short-term.

The above chart shows:

ADVERTISEMENT

  • Ether is overbought as per the relative strength index (RSI).

  • The first attempt to take out the resistance ($514.52) offered by 161.8 percent Fibonacci extension level has failed.

View

Most analysts/traders consider 161.8 percent Fibonacci extension a major target or resistance level. The fact that ether is showing signs of exhaustion around that hurdle, at a time when the RSI is screaming overbought conditions, indicates prices could consolidate around $500 levels for the next few days.

The 10-day MA is sloping upwards, suggesting dips below the same are likely to be short-lived.

Pause button image via Shutterstock

Related Stories