The price of Ethereum is viral in the coming altcoin news for surpassing the $300 mark today and hitting ten-month highs. The world’s second largest cryptocurrency by market capitalization managed to climb above the psychological hurdle at 01:10 UTC, extending its gains. As Ethereum clocks a new all time high at $317, we can confidently say that that is a level that was last seen in August 2018.
As we are writing, ETH is changing hands at $304 and rising by 9.7% in the past 24 hours. The yearly gains as Ethereum clocks a new high, are at 129% which is a solid increase as the Bitcoin and altcoin news website CoinMarketCap shows.
Right now, Ethereum looks like it more than just doubled this year. Its price is currently set at $317, which is a new high and more than 270% gains on the low that ETH saw at $82 in December last year. The price, however, is still 78% down from the record highs of $1,431 registered in January 2018.
Furthermore, the cryptocurrency managed to retrace a 16% of the sell-off from $1,431 to $82. As Ethereum clocks new highs, the latest cryptocurrency news also feature Bitcoin (BTC) and its retracement of more than 40% of the bear market slide, currently trading at a 15 month high of $10,800.
As we look forward, it seems like Ethereum highs are coming and are more visible on the horizon.
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The ongoing rally while Ethereum clocks $318 and the technical charts are all biased bullish.
Right now, the 50- and 100-candle price averages on the three day chart produced a bullish crossover for the first time in two years. It is worth noting that the prices had rallied by more than 900% in three months following the confirmation of the bull cross in May 2017.
So, if history guides us, we can see that Ethereum is set to challenge the April 2018 low of $364 in the next couple of months. A break higher than this would expose its resistance at $401. Supporting the bullish case are many analysts who thing that the ETH volumes are rising – both in terms of price as well as in terms of them on decentralized applications (Dapps). As Diar reported in April, there were record highs in this number.
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