The price of the ether, the main Ethereum token, today reached a new record level of $ 686, and the price chart analysis assumes that growth can continue.
At the time of writing, the ether (ETH) traded about 686 dollars. According to CoinMarketCap, the world's second largest crypto currency market by market capitalization in the last 24 hours increased by 24.6 percent.
After a mark of $ 400 on November 23, ETH spent most of the last three weeks trading in the $ 400- $ 480 range.
The congestion ended in a break on Monday amid news that the Swiss banking giant UBS, along with other heavyweights of the banking industry, plans to use the ethereum network as a means to comply with the new rules planned for January 3 in the EU. ,
"Ethreum's reasonable contractual capabilities and decentralized nature can reduce costs associated with reconciling data and storing data," CoinDesk said.
Regardless of the news, ETH has collected 50 percent in the last 48 hours. The volume of 24-hours approached to 5 billion dollars. And the market capitalization of the air is now 63.71 billion dollars. USA.
1 hour chart
The above chart shows that, despite the divergence of the profitability index against bearish indicators (RSI), the airwaves managed to maintain support at $ 632.31 (161.8% Fibonacci expansion). In addition, he had a stable recovery point to about $ 690.
Weekly schedule
The above diagram shows a bullish symmetrical triangular break; observed in November, the upside meant a continuation of the rally from the lows in December 2016 below the level of $ 6.00.
According to the method of measured height, the bullish break in November opened the doors to a level of 730 dollars.
Ether "is trying to challenge the resistance at $ 730 and can increase profits to $ 752 (261.8% of the Fibonacci expansion level). However, RSI shows overbought conditions, so higher peaks may be temporary. On the other hand, $ 632 (161.8% of the Fibonacci expansion) is likely to act as a strong support.