2020-8-16 14:09 |
Over the course of the last month, ETH price saw quite a bit of growth. After sitting at a support level of $240 for some time, the price finally saw growth, until it was once again stopped by a strong resistance. This resistance held for over a week, and today, ETH finally managed to break it.
Ethereum goes up as July comes to a closeAbout a month ago, Ethereum price sat at $240, struggling not to break this support which barely managed to hold it up. The situation finally started to change around July 22nd, when the coin started joining a series of market-wide rallies, that allowed it to start going up.
Over the next five days, ETH kept growing until it reached a resistance at $320, which stopped its progress for about five days. With July 30th, however, a new bullish wave hit, causing ETH to start surging again.
At this point, traders recognized the signs of a bull run and they started buying ETH, which gave the coin enough momentum to reach high, and keep going up until it hit the next major barrier at $400.
This barrier actually held Ethereum from progressing further up from August 2nd to August 13th. In this 11-day period, ETH price was mostly staying just below the resistance, although there were a few instances when this level rejected the price, sending it down.
Whenever this had happened, the price was stopped from going too deep by a new support level at $380, which allowed it to bounce back up and climb back to $400.
ETH price broke the resistance late last night, surging up past it, going up to its peak at $432, finally seeing the value that it did not have since August 2018. After reaching this height, the price suffered a minor correction, but only to $430, which is where it sits right now, awaiting the next opportunity to go up.
It surged by 10.98% in the last 24 hours, while the coin’s daily trading volume currently exceeds $18.5 billion
ConclusionEthereum has just reached its 2-year high as its price broke a resistance at $400, and allowed the coin to go up to $432. Right now, it is seeing a slight correction, with chances being that the surge will continue in the near future.
The post Ethereum price goes up by 10% in 24 hours appeared first on Invezz.
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