Crypto: Ether hits record high, trading near $4,500, partly pushed by short-term traders
Ether hit a new record high Tuesday, trading near $4,500.
was trading at $4,495 early Tuesday New York time, up about 3% over the past 24 hours. Only a few days ago, Ether hit a previous record high at $4,458 on Oct. 29, according to CoinDesk data.
“The recent highs have been pushed by a renewed interest of short-term traders,” analytics firm IntoTheBlock wrote on Telegram on Monday, as the number of addresses holding ether for less than 30 days reaches the highest in more than 12 months.
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From a charting perspective, “ether is decisively above final resistance from May,” Katie Stockton, founder and managing partner at Fairlead Strategies, wrote in Tuesday notes. “Ether is testing final resistance near $4380, a breakout above which would require two weekly (Friday 8pm ET) closes above that level.”
“Short-term momentum is positive for Ether but has fallen off slightly, so in the event it stalls near resistance like bitcoin, we would expect only a brief consolidation phase before resuming higher,” Stockton wrote.
was trading at $63,511, up 2.8% over the past 24 hours early Tuesday New York time.