The worth of ethereum’s native cryptocurrency ether (ETH) surpassed $300 at this time to hit ten-month highs.
The world’s second largest cryptocurrency by market capitalization climbed above the psychological hurdle at 01:10 UTC and prolonged positive aspects additional to $306 – a stage final seen on August 19, 2018.
As of writing, ETH is altering arms at $304, representing 9.7 % positive aspects on a 24-hour foundation and 129 % positive aspects on a year-to-date foundation, in line with information supply CoinMarketCap.
Ether has greater than doubled this yr with the value presently reporting greater than 260 % positive aspects on the low of $82.00 seen in December. The worth, nevertheless, remains to be down 78 % from the report excessive of $1,431 registered in January 2018.
Additional, the cryptocurrency has retraced meager 16 % of the sell-off from $1,431 to $82. However, BTC has retraced greater than 40 % of the bear market slide and is presently trading at a 15-month excessive of $10,800.
Wanting ahead, ether appears to be like set to increase the continuing rally, as technical charts are biased bullish.
The 50- and 100-candle worth averages on the three-day chart have produced a bullish crossover for the primary time since in two years. It’s price noting that costs had rallied by greater than 900 % in three months following the affirmation of the bull cross in Could 2017.
So, if historical past is a information, then the cryptocurrency appears to be like set to problem the April 2018 low of $364 within the subsequent couple of months. A break greater would expose resistance at $401 – 23.6 % Fibonacci retracement of the bear market drop.
Supporting the bullish case is the stable rise in ether’s non-price or on-chain metrics in the previous few months. As an example, ETH volumes on decentralized functions (DApps) registered report highs in April, in line with crypto analytics agency Diar.
In the meantime, community exercise, as represented by daily gas usage, rose to lifetime highs in Could. Fuel is the gasoline of the ethereum blockchain. The token is required to conduct a transaction on etherum’s community.
Disclosure: The writer holds no cryptocurrency on the time of writing