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 levels to be at $1,907, $2,092, and $2,233.”
Tim Enneking, managing director of Digital Capital Management, also offered his point of view, stating that:
“$1,600 automatically turns into support, but it won’t be very strong unless it holds for a while (which it probably won’t).”
“There is some serious support just above $1,500 (more specifically, 1520-1540) and again just above 1400 (same levels).”
However, he emphasized that “Resistance above is much tougher to call. On the way up to break $1,600, every $100 was tough and that will almost certainly continue to be the case.”
“$2k will present strong resistance and, once the price hits that level, there will probably be a significant pause for consolidation,” he added.
Edul Patel, cofounder and COO of crypto startup Mudrex, provided another perspective on the cryptocurrency’s price movements.
“Ether has grown rapidly in the last few days and is very likely to hit $2,000,” he predicted, describing that price level as “the big psychological resistance.”
“Before that, we will see it struggle a bit with $1,750 as well,” added Patel.
“On the support side there is strong buying pressure around $1,300,” he noted, emphasizing that “Breaching that will trigger a further nose dive.”
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS.