Where Are Ether Prices Headed Next After Reaching Their Latest High Above $4,600?
Ether prices have been on a tear lately, rallying to their latest record of more than $4,600 last night.
The digital currency, which is the native token of the Ethereum blockchain, climbed to $4,642.48, CoinDesk data shows.
At this point, the cryptocurrency had gained an impressive 530% since the start of 2021, 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.]
Following these latest price increases, several technical analysts weighed in, shedding light on the key levels of support and resistance that traders should watch out for next.
“As ETH enters price discovery, technical traders most likely have their eyes on the $5,000 psychological level as well as another retest of the previous all-time highs from May at just below $4,400,” said Sean Rooney, head of research at crypto asset manager Valkyrie Investments.
John Iadeluca, founder & CEO of multi-strategy fund Banz Capital, offered a similar perspective.
“Traders should look for a newly formed level of heavy resistance at the $5,000 price level that we've seen recently alongside the strengthening of the $4,200 support level in the price of Ether.”
William Noble, the chief technical analyst of Token Metrics, also chimed in.
“ETH has been slowly building up steam near its high,” he stated, adding “that is most likely bullish.”
“The big question is the nature of any upside breakout. Many think ETH can go parabolic like in 2017,” said Noble.
“My charts show there could be one big green candle that takes ETH to $5,550 and then an orderly stair step rally should ensue,” he added.
Katie Stockton, the founder and managing partner of Fairlead Strategies, LLC, provided another point of view.
Ether is “decisively above” “final resistance, which tends to be a bullish development, assuming the breakout is confirmed,” she stated.
“We require two weekly (Friday 12am UTC) closes above $4,380 for confirmation, which would yield a long-term projection close to $6,000,” said Stockton.
“Momentum is positive across time frames, for now.”
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and sol.Source