Ethereum Trading at New All-Time Highs
Ethereum continues to make fresh new highs at the time of writing (6:30 PM EST), gaining $153 in the CME futures before closing and still; trading higher by $35 in after-hours trading overseas. The spot markets are trading around $4,540 ($5 below ATH achieved moments ago).
As our first chart shows (BTC in Dark blue, ETH in light blue), since the beginning of the year, Ethereum has nearly tripled the gains seen in Bitcoin, yielding 735% compared to BTC’s 249%.
Where could this current rally in Ether take us to? A simple one-to-one relationship of the rally that concluded in May compared to the recent run-up starting at the triple bottom at $1,700 hit in May, June, and July would take us to $5,650. We could see pricing reach even higher than that, and I am not alone in that thinking.
Bernhard Rzymelka, managing director of global markets at Goldman Sachs, said that crypto assets had tracked inflation closely in recent years.
Rzymelka discovered a significant association between the Bloomberg Galaxy Crypto index and a market-based gauge of inflation predictions.
According to him, Ether has been closely following inflation markets, and he also believes we could see Ether rise by 80% to $8,000 in the next two months.
A fractal pattern that was prevalent in Ethereum prices in 2017 was pointed out in a Tweet today by Mathew Hyland calling for $14,000 Ethereum.
Any way you look at it, Crypto is booming, and the top three coins by market cap (Bitcoin, Ethereum, Binance coin) all gained roughly 30% in the last 30 days. However, it is Ether that is showing the most potential for parabolic price increases over the next 30 days.