Summary
Ethereum set an all-time high by breaching $1,000.
Expect to see significant resistance at the $1,000 mark short-term, but don’t hesitate too long to buy.
Key metrics show that ETH adoption is leading the crypto industry.
Ethereum set an all-time high by breaching $1,000.
Expect to see significant resistance at the $1,000 mark short-term, but don’t hesitate too long to buy.
Key metrics show that ETH adoption is leading the crypto industry.
After highlighting Ethereum in my previous article, it managed to shoot up and breach the epic $1,000 mark today before dropping back down to mid 900s at the time this article was written. In that article, I talked about the tech behind ETH and how it is poised to be the top Blockchain platform of 2018, potentially stealing the spotlight from Bitcoin (COIN, OTCQX:GBTC). In this article, I will focus on some key metrics that lead me to believe that ETH will be a breakout performer once again in 2018.
(Source: Coinmarketcap.com)
The $1,000 Wall
For those of you short-term traders out there, expect to see ETH bounce around below $1,000, as it encounters significant resistance at that point. Psychologically, $1,000 is a powerful barrier that will scare off some investors, as people are still wary of paying $1,000 per token for a digital asset. In addition, we are very close to the $100 billion dollar market cap figure as well, so this is another mental milestone that may take some time to cross.
However, this barrier has already been breached, in a way. As you can see below, ETH is trading at an incredible premium on South Korean exchanges that far exceeds the $1,000 mark. Since the South Korean exchanges require proof of residence to trade on their exchanges, there is no arbitrage between those exchanges and outside markets.
Source: https://seekingalpha.com
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