- Ethereum’s daily resistance ranges somewhere around $286 and there’s no way that this trend will pause before the next resistance.
- Josh Rager in his recent tweet mentioned, if ETH closes and breaks the $307, then there’s a greater probability of it hitting the $400 mark.
- As of now, ETH is trading at $307.00 and is up by 2.60% in the last 24 hours.
Recently, Josh Rager, crypto analyst and the founder of Blockroots.com tweeted about Ethereum’s rising price. He said that Ethereum’s daily resistance ranges somewhere around $286 and there’s no way that this trend will pause before the next test. The test of breaking out the $307 mark. He further explains that if ETH closes and breaks the $307, then there’s a greater probability of it hitting the $400 mark at least on higher time frames.
Daily resistance around $286 and no close here means potential pullback, before the next test
But above that around $307 is the big test
— Josh Rager ? (@Josh_Rager) July 24, 2020
Ethereum (ETH) Prices Explode Since The Start Of The Week
A long-awaited Ethereum explosion is finally here now. As of now, ETH is trading at $307.00 and is up by 2.60% in the last 24 hours. The total market capitalization is $34.37 billion and the daily trading volumes stand at $12.23 billion. It has been an extremely good week for Ethereum as it has been reaching new heights with its price. On June 25th, Ethereum reached its so far weekly high of $286.14. In the March 12 market crash in which the value of digital assets fell down by 90%. Clearly Ethereum, which is the second-largest Blockchain platform, has done pretty well to recover from the recession. Ever since then it was trading in the $220 to $240 range, until this week.
At the starting of the week, on Wednesday ETH finally broke off the $240 resistance. Coincidentally, BTC also started trading above $9300 after all these months of the boring market. Bitcoin is now trading at $9,888.62 and is up by 2.63% in the last 24 hours. The daily high is $10,023.81 and the 24-hour trade volumes stand at $21.96 billion. To some extent, analysts think that Bitcoin’s rise in its value may have influenced Ethereum’s price spikes in some way. Yesterday, the total market capitalization of all the cryptocurrencies grew over $7 billion, that too in just 24 hours.
In February 2020, ETH Reaches Such Highs
The last time when Ethereum saw such highs was back in February when ETH hit the $285 mark. It is anticipated that if ETH manages to keep above the $285 mark then it is imminent that it will also reach $300 to $315.
Ethereum’s growth can be easily explained by the DeFi protocols and DApps. Ethereum is often considered a one-stop destination for decentralised finance protocols involving borrowing, lending, and peer to peer networks.