Ethereum’s price has been on quite a surge over the past week. The currency has gained a major momentum and current expectations are that this momentum will continue for the next few weeks. Let us take a closer look at the recent performance of Ethereum price and market cap – as well as a look at where the currency is headed next.
Currently ranked second when it comes to cryptocurrencies by market cap, Ethereum stands second only to Bitcoin. Ethereum’s platform, as well as the cryptocurrency token, have caught the imagination of a large number of investors over the years. The currency peaked at a high of $1400 earlier this year – but has since been on a continuous and slow downtrend. This seemingly endless downtrend has finally hit the bottom and markets are finally recovering.
Over the past 24 hours, Ethereum’s price went up from $511 to $514 – with the price peaking at $533. It appears that there is a weak line of resistance that is preventing the currency’s growth beyond the $520 mark. Ethereum’s market cap surged from $50.5 Billion at the start of the day, to reach a high of $52.8 Billion when the currency hit the day’s high. However, it ended the day with a market cap of $50.8 Billion – gaining $300 Million over the day.
Ethereum’s ETH cryptocurrency has been very impressive when you look at the week-long price performance. Ethereum price, when the week began, stood at $410 – from where it gained another $114 over the week to close the week at $514. The highest point of the week came over the past 24 hours when Ethereum hit the $533 landmark. Ethereum’s market cap also went from $40.5 Billion to $50.8 Billion – gaining $10.3 Billion over the week.
Ethereum’s price is expected to continue surging in this positive uptrend – and is soon expected to cross the $520 line of resistance – which would become a new line of support for the currency. If market experts are to be believed, Ethereum is aiming to cross $600 over the next few weeks. Current estimates show another line of resistance at the $545 mark and once that is crossed – the next target is directly beyond $630. Investors are advised to keep adjusting their targets and stop-losses based on the price performance of Ethereum from time to time.
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You can also check out our other price analysis articles:
- Bitcoin Price Update as on 16 April 2018
- Ripple Price Update as on 16 April 2018
- Cardano Price Update as on 16 April 2018
- Litecoin Price Update as on 16 April 2018
Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advice.