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cryptocurrency November 24, 2017

Ethereum Stock credits:istock.com/Lightboxx

There’s only one thing to talk about in today’s Ethereum news update—the fact that ETH surpassed $400.00!

Yesterday, we wrote that Ethereum was within striking distance of $400.00. And, lo and behold, today ETH prices soared past $400.00, $415.00, and even $430.00.

In the last 24 hours, the Ethereum to USD exchange rate surged 9.35% to reach $434.89. At the same time, the Ethereum to Bitcoin rate advanced 9.19% to 0.05310490 BTC.

This dramatic resurgence means that ETH is now trading at all-time highs, something that most analysts didn’t think would happen this year.

We, however, are not among those (wrong, oh so wrong) analysts. We predicted that ETH prices would reach $400.00 before the end of 2017.

Beyond that time horizon, we predicted that Ethereum would accelerate towards the $1,000 level, although there may be some cyclical pullbacks before it ultimately gets there.

How Active Are ETH Investors?

Investors grew extremely bullish between November 22 and 23, as is evident from Ethereum’s trading volumes. They skyrocketed 130%, from $800.82 million to $1.85 billion.

This trend continued through the night and early morning, raising the 24-hour volume meter to $1.96 billion. Considering that an explosion of trading volumes usually precedes an explosion in prices, it’s no surprise that ETH prices are climbing to record highs this Friday.

Where Is ETH Demand Coming From?

The leading South Korean exchange, Bithumb, clocked in as the most active venue for trading ETH tokens. It accounted for 14.3% of total volume. Close behind was Bitfinex, at 12.02%; and then the rest, which were in single digits.

Ethereum chart

Analyst Take

Now that Ethereum has fulfilled our 2017 Ethereum price forecast, we are even more hopeful that it will reach our 2018 Ethereum price forecast of $1,000.

Source: Price Confidential

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