Categories: Market Analysis

Ethereum Price Close to Breaking $309 Resistance

The first day of the week has proven quite beneficial to digital currencies, as both the Bitcoin and Ethereum prices have increased. Bitcoin has reached a new all-time high of US$6,306, while Ether surpassed the US$300 threshold and is currently trading at US$309.39 on GDAX.

Following the Byzantium hard fork affecting the Ethereum network, miners have received a difficulty adjustment, but have also lost part of their block reward, which is now 3 ETH rather than 5 ETH. Reports indicate that the adjustments were needed to help combat the inflationary curve associated with the network, while also preparing the Proof-of-Stake protocol that will be adopted in the future.

When looking at the Ethereum charts, we can observe a bullish trend that is forming in support of the US$300 threshold. However, the ETH price went no higher than US$309, thus exhibiting resistance at that level. Shortly thereafter, the markets witnessed a rejection, as the price once again began correcting toward lower values of roughly US$300-$302.

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Analysts believe that another price increase will be possible once ETH breaks the US$309 resistance and the price no longer corrects to lower values. However, the fact that the price managed to reach US$309.73 not long ago indicates that a break in the resistance is possible in the coming days, with longer-term price increases foreseeable in the near future.

At the time of writing, Ethereum has a market capitalization of over US$29 billion, second to that of Bitcoin which is currently situated at US$102 billion.

 

Daniel Dob

Daniel is a bitcoin investor and journalist for numerous news outlets in the financial sector. When he's not writing, trading, or interviewing people, you can find him swimming, reading or taking one of his hobbies to the next level.

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