Ethereum breaks the $300 mark hitting a 10-month high
The world’s second largest cryptocurrency by market cap, Ethereum and its native crypto ether (ETH) surpassed the $300 mark on Saturday, June 22.
Bitcoin has not been the only cryptocurrency to have shown impressive gains in the past few days. The world’s second largest cryptocurrency by market cap, Ethereum surpassed the $300 mark on Saturday, June 22.
Ether climbed above the psychological hurdle at 01:10 UTC on Saturday. The altcoin rose further to $306, which is its highest price since August 19, 2018.
At the time of writing, ETH is trading at $309. At the time of its break above $306 on , it saw a 9.7% gain and 129% gains on a year-to-date basis. This is according to data from CoinMarketCap.
ETH has more than doubled in 2019 with the current price showing 260% gains on its previous low of $82.00 in December 2018. Despite its recent success, the price is still down by 78% from its record high of $1,431 which was seen in January 2018.
Looking ahead, many believe that ether is set to continue along its ongoing rally as technical charts indicate bullish behaviour. ETH/USD pair gained momentum above the $305 and $308 levels. In addition to this, there was close above the $300 level and the 100 hourly simple moving average.
According to traders, there is a primary resistance near the $310 level. Ethereum, therefore, has to surge past the $310 level to ignite new gains. The following resistances are close to the $315 and $320 marks. This is where the price could surge even further.
On the downside, the primary support is near the $295 level and the 100 hourly SMA, followed by $290.