Ethereum traded at $ 1697.27 today, setting a new all-time high in the market.
Based on the Fibonacci extensions, the next target will be $ 1891, which is the 161.8% retracement level. This level is still far away, but if ETH reaches it, price will most likely turn around.
In the meantime, Ethereum has pulled back to $ 1,566.37, which is also the 100% retracement level. If price stops here and turns around, ETH will go back to $ 1697.27, or climb higher to 1891.55.
But if the quote drops further below $ 1,566.37, Ethereum may weaken and trade at $ 1436.48.
In another note, investors are gearing up to launch Ethereum futures on the Chicago exchange. Demand for the cryptocurrency may grow until the listing, but after it, ETH may correct downwards again.
The material has been provided by InstaForex Company – www.instaforex.com
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