Ether Hits New High at $424, Bullish Ethereum Fans See $500 Nigh

November 23, 2017 by William Peaster 0 Comment 5197 Views

Ether has finally matched its titanic June 2017 performance. The number two cryptocurrency by market cap is now hovering a few dollars above its former all-time price high at press time.  

Also read: Collusion Between Blockstream, r/Bitcoin? Recent ‘Bot Wars’ Raise Suspicions

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Ether Follows Bitcoin’s Bullish Lead

As the bitcoin price has smashed through numerous all-time price highs as of late, ether — the cryptocoin that fuels activity on the Ethereum network — has eagerly watched from behind.

Until now, that is.

That’s because today, November 23, 2017, ether flirted past its former all-time high of $420 USD around 17:30 UTC. The coin temporarily settled at $424.82 on a major 24-hour price surge, before bouncing around at $422 at press time.

That puts ether’s price up over 15 percent in just one day and up over 4,250 percent from one year ago.

$500 Around the Corner?

With Bitsonline technical analyst Jose Burgo’s Fibonacci model putting the bitcoin price at around $12,000 in January 2018, it’s reasonable that such a BTC surge could also help, or at least coincide with, a rise in ether past $500.

Just days ago, macro-trader and former Fortress hedge fund manager Mike Novogratz told CNBC he believes ETH will finish 2017 around the $500 mark.

It seems as if investors’ sentiments generally match Novogratz’s, at least acutely, as the ongoing ether FOMO (or “fear of missing out” panic-buying) looks poised to achieve that unprecedented price milestone.

And with blockchain startup Niavura teaming up with JPMorgan to create an Ethereum smart contract-backed bond, the Ethereum ecosystem looks set to have another incredible year of growth ahead of it — started off by what’s appearing to be an impressive Q4 2017 in the making.

What’s your take? Is 2018 going to be a strong year for Ethereum? Let us know where you stand, sound off in the comments below!

Images via Coinbase, Digital Trends

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