Ether, the cryptocurrency token associated with the Ethereum blockchain, has finally surpassed its previous all time high after trading sideways for the greater of three to four months while Bitcoin has been breaking one barrier after another.
Where is it going from here?
Ether Picks Up the Pace
Ether has finally risen past the old high price and has almost reached $500 before backing off.
The price went back down to the low $460’s, but that is still much higher than the old high which was in the $390’s.
The predictions are abound that it will go past $650, but of course the price will rise and fall as it gets to that point.
The pattern target from the breakout of the ascending triangle pattern is $652.
However, it is unlikely to be a straight dash to these levels. We should see a pullback towards the $420 levels in the next few days.
So, if you are sitting on Ether and salivating at the higher levels where you were at recently, and getting nervous as it’s now descending, just remember the ride that you were on just to get to these levels.
This coin doesn’t just keep rising like Bitcoin. It trades sideways and drops and makes you really work for its affection.
Well, if you’ve come this far then you must love this coin.
As we write this, Bitcoin is over $9000 and rising, as it does, so if you wanted that Ether rise to finance a Bitcoin buy in, you missed the boat for now.
Bitcoin can pull back from $9000 before continuing its meteoric rise, but right now it looks to want to keep rising.
Mike Novogratz called the rise of Ether to near $500 as Bitcoin marches towards the $10,000 mark.
I guess that when people like this make these predictions it sort of becomes a self fulfilling prophecy of sorts. Makes you wonder if them just commenting on things that they own is a sort of conflict of interest, but I digress.
As we stated earlier, Coindesk planning to introduce Coindesk Custody for large institutional investors, in order to bring that sidelined $10 billion of institutional money into the cryptocurrency ecosystem, has also added to the tremendous optimism in the cryptocurrency markets.
If $10 billion enters the market, that will further raise the Bitcoin price and keep it going for some time. Alt coins like Ether may benefit from this, but that benefit may take time to really push the prices higher. It seems that as Bitcoin goes up up and up, that the alt coins do this meandering dance in the wake of the Bitcoin chart waves.
It’s just the nature of the beast and why you should be spread amongst the various premium cryptocurrencies.
Ether has the fantastic smart contracts blockchain that makes it a corporate darling. It has the Enterprise Ethereum Alliance behind it, and so far seems to have sidestepped competitors like Ether Classic and other Ethereum based tokens that nip at its heels.
If you aren’t yet in the crypto space, then head over and start up the free account that at least gets you set up to gather your tokens and enter the fray. It’s like setting up an online bank account. Trading is easy and the phone app makes it easier than ever.
It’s true that crypto is a volatile market, but with discipline you can do much better than with the traditional stock based online brokerage accounts. Keep your stocks by all means, but don’t ignore the new economy that cryptocurrency offers.
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