Top

Bull Market News

  /  News   /  Crypto: Ether hits record high, trading near $4,500, partly pushed by short-term traders

Crypto: Ether hits record high, trading near $4,500, partly pushed by short-term traders

Ether hit a new record high Tuesday, trading near $4,500.

The cryptocurrency
ETHUSD,
+4.27%

was trading at $4,495 early Tuesday New York time, up about 3% over the past 24 hours. Only a few days ago, Ether hit a previous record high at $4,458 on Oct. 29, according to CoinDesk data.

“The recent highs have been pushed by a renewed interest of short-term traders,” analytics firm IntoTheBlock wrote on Telegram on Monday, as the number of addresses holding ether for less than 30 days reaches the highest in more than 12 months.

Read more: An Ether futures ETF is next likely step after ProShares watershed bitcoin moment, a former SEC official explains

From a charting perspective, “ether is decisively above final resistance from May,” Katie Stockton, founder and managing partner at Fairlead Strategies, wrote in Tuesday notes. “Ether is testing final resistance near $4380, a breakout above which would require two weekly (Friday 8pm ET) closes above that level.”

“Short-term momentum is positive for Ether but has fallen off slightly, so in the event it stalls near resistance like bitcoin, we would expect only a brief consolidation phase before resuming higher,” Stockton wrote.

Bitcoin
BTCUSD,
+4.68%

was trading at $63,511, up 2.8% over the past 24 hours early Tuesday New York time.

Post a Comment