Cryptocurrency enthusiasts are scaling up price targets for Ether after the second-largest token’s record-breaking run, an echo of the unbridled optimism that accompanied an earlier surge in Bitcoin.

The token affiliated with the Ethereum blockchain — a digital ledger popular for financial services and sales of so-called cryptocollectibles like online art — is up about 1,500% in the past year and hit a new peak of US$3,455 ($4610.01) on May 4.

The climb is stirring predictions of more gains ahead even as some technical indicators flash warnings that the rally may be overextended. Crypto proponents argue investors are now looking beyond Bitcoin to Ether and other tokens despite warnings of a stimulus-fueled mania in the sector.

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