Ethereum [ETH] gains over $2 billion in market cap as coin stages recovery
It seems as though Ethereum [ETH] is recovering, as it attempts to cover lost ground after it recently dropped to as low as $170 – its lowest since July last year. On Saturday, a sudden spike was seen in ETH prices, which saw the coin’s market cap jump by $2.03 billion, or 8.7 percent.
This comes as a slight relief, but the crypto is still trading the $250 mark. However, the token managed to unseat Ripple’s XRP to reclaim its spot as the second most valuable digital asset in the world, according to CoinMarketCap.
At the time of writing, ETH had a market cap of $24.33 billion, data from CoinMarketCap showed.
The sudden rise can be attributed to a correction in prices, after the coin spent most of this month trading with bearish momentum.
A factor that may have boosted bullish sentiment was Brazil’s largest brokerage’s announcement of an upcoming trading exchange for Bitcoin and Ethereum. Guilherme Benchimol, CEO of Grupo XP, told Bloomberg that it would launch XDEX in the coming month.
The coin initially found support at $228.30, after which it refused to give up its gains amid prevailing selling pressures in the market. At present, the virtual currency is facing resistance at $248.89, and is slowly starting to succumb under a broader bearish trend.
The 100 EMA line, at the time of writing, showed that the digital asset was in an uptrend. The MACD indicated that the crypto was trading in bullish territory. The hourly RSI indicator was at 54.3, which means that the coin is close to being overbought. The virtual token was exhibiting a significant trading range of $232.98-$255. As of 1218 GMT, the crypto had climbed 5 percent against the U.S. dollar to trade at $238.37. Currently, one ETH is equivalent to around 0.0357 BTC.
Image via Shutterstock
Join our Telegram group