Ethereum hit a new record of $ 1,689 today. During the week, the ETH rate has already increased by over 27%. Meanwhile, analysts forecast further increases.
ETH rises above $ 1,600
Currently, the ETH exchange rate is around USD 1,635, up by almost 7% over the last day. On a weekly basis, the price of this cryptocurrency has already increased by over 27%, and since the beginning of the year it has gained almost 130%. By comparison, Bitcoin gained slightly over 30% over the same period.
Ethereum - opinions and forecasts
After this impressive growth, market watchers are now wondering where Ethereum is headed.
"Given the recent rise of Bitcoin, there seems to be room for further Ethereum growth," said ExoAlpha's Elie Le Rest, adding that the cryptocurrency is likely to hit new highs in the days and weeks to come.
Analyst Marcel Pechman points out that the data from the derivatives market suggests that investors are expecting much higher prices, above $ 2,000.
"Both the options market and the futures market show clear signs that investors are incredibly bullish against Ether for the next few months," concludes the analyst.
In turn, analyst Martin Young, commenting on Ether's achievement of a new ATH, said that it could "easily rise higher if the pace continues." In the near future, he adds, the cryptocurrency will likely be "powered by Ethereum futures," which will debut at CME next week.
In his opinion, due to the development of the Ethereum network, the price of ETH could reach up to $ 5,000 by the end of the year.