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Ether soars to all-time high

Ethereum set an all-time high, exceeding a market cap of $500 bln for the first time. The price action rose to $4,370, with weekly of over 8% (reaching 11% momentarily).

The ETH price has extended its meteoric ascent, up 127% since early April, and 480% YTD. Since its March decline, the price action has recovered 4,284% from a low of $86. Bank interest rates pale by comparison.

On May 10, Ether fell 13% to $3,650, tracking Bitcoin and US equity indices. Demand for the cryptocurrency is high, so buyers bought back into it after Tuesday's pullback and today an ATH (all-time high) was set in Asian trading.

Uncertainty still prevails on FX and stock markets due to the Friday’s tepid NFP report. For this reason, players’ attention is riveted on today’s US April CPI report. Bitcoin has recovered to $58,000 but continues to trade erratically. The report will be released at 12:30 GMT.

The VIX Fear Index spiked to 23.7. Investors are afraid that a lengthy bearish trend could be setting in. Ether needs to hold steady today. If the US stock market sees a return to stability, the rally will continue.

Ether is setting new highs against USDT and BTC. Looking at the horizon until mid-June, the target is at $5,600 against USDT, and 0.0975 against BTC. Resistance levels are at 4,450, 4,550, and 4,680. Support levels are at 4,130, 4,050, and 3,895.

 

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