The price of ETH hit $700 USD on South Korean exchange Bithumb with Coinbase’s associated trading outlet GDAX trailing not far behind throughout the whirlwind morning of December 12th.
Ethereum enthusiasts watched the BTC/ETH ratio slippage in recent weeks and Litecoin’s acute astonishing price surge over the past few days and wondered: when’s our turn?
Well, apparently it’s now.
U.S. investors saw an all-time price high of $538 reached on Coinbase on the evening of Dec. 11th, leading many to expect the typical mild price retracement. Instead, though, the price of ETH continued to shoot up over the next several hours, reaching upwards of $630 barely a half-day later.
That’s more than a 30 percent increase in value from just 24 hours ago.
South Korean crypto exchange Bithumb accounted for 1) the largest global proportion of ETH buying volume in that same timeframe, and 2) the highest ether price tag, seeing prices flirt around $700 during the peak of the buying frenzy.
At this point, then, it’s clear to see that the entire cryptocurrency market is currently in a strongly bullish channel, and prices look like they’ll continue to go higher in the short-term accordingly.
Critically-acclaimed technical analyst Ramiro Burgos sees Fibonacci middle support settling for the bitcoin price presently, meaning BTC could soon be hitting $22,000 in the short-term. Just for the sake of speculation, if ETH’s current ratio of 0.0359 to BTC holds, then such a projection would see ether potentially sliding up to the $790 range.
And with mainstream interest in cryptocurrencies now reaching critical mass in the wake of Bitcoin futures launching, these price targets are looking more and more believable.
TLDR: November 12th was Ethereum’s day to shine, as the price of ether rocketed upwards and touched $700 USD on South Korean exchange Bithumb.