“Over the last year, ether has outperformed bitcoin, gaining more than 1025%” — Paul Ebeling
Ethereum (ETHUSD) set a new record high Thursday, riding 2 macro themes entrenching themselves within the cryptocurrency sector.
The 2nd-largest cryptocurrency traded above $4600 before paring gains, but has logged record highs over the past wk thanks to the rising popularity of NFT and DeFi projects.
Those factors have spurred short-term demand for paying transaction costs in the digital coin, plus growing speculation on its value for the metaverse.
The latter development is approaching warp speed, now that Facebook (FB) has rebranded itself in an aggressive push to lean into the next phase of digital’s development.
Up 9% this wk alone, ETH has further to go in the near term, as tehre is no resistance
Ether’s Relative Strength Index (RSI), the technical gauge of buying momentum, shows the price has managed to move higher without becoming overbought.
Have a prosperous day, Keep the Faith!