Ethereum [ETH] Price Crosses $200 With Over 5.5% Hike


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Ethereum [ETH] Price Crosses $200 With Over 5.5% Hike

Ethereum had been relatively calm for a while now. It was seen trading below the $200 mark for several days even trading as low as $176.50 about a week ago. In the meanwhile, bitcoin too kept perambulating around the $10k USD mark while swinging between $9980 and $10442.

ETH Maintaining A Bullish Rally

ETH has kept a bullish rally for about 48 hours moving towards the $200 mark. At the time of writing this piece, ETH had crossed $200 and is now trading at $201. By crossing the $200-mark, ETH has established a new 7-day ATH. The top altcoin still shows strong bullish movement possibilities as it has maintained this upward movement for more than 2 days now.

Source: CoinMarketCap

Trading at $200.4, ETH remains the second-largest cryptocurrency, only surpassed by bitcoin in terms of market capitalization and adjusted traded volume. Its coin dominance fell drastically towards 6.5% from its initial level at 8% though. At present, ETH has a market capitalization of $21.46 billion and a 24-hour trading volume of $8.33 billion.

Ethereum Within The Last 7 Days

Last Tuesday, on September 10, Ethereum was trading around the $180 mark. On September 11. it touched a low of $176.50, but bounced back again and was trading above $180 again the next day. The resistance at $180 proved a bit difficult to scale through, but ETH surpassed the level and perambulated within the $178 to $182 over the next couple of days. On September 14, ETH became aggressively bullish and closed at $188. It continued its upward movement on September 15, hitting $190 and on September 16, it touched $198 before closing at $197.

Analysts’ Views Of Ethereum Price

Analysts are showing optimism about the price of Ethereum. Quite a few technical and market analysis have been put forward by various traders and analysts to support Ethereum’s bullish case. According to a trader who goes by the name of Escobar, it is indicative of the beginning of the altseason. He tweeted,

$ETH 1D TF- ETH leading Alts to glory in September begins. See you at FourFiddy

Also, Zhoran trader who has set up swing targets at $220 tweeted,

$ETH Update: Swing 1 complete. E2E completed with a kumo breakout. Tagged $200 on the money. Took Profit. Asks set from 200-202 until further notice. #crypto

Author: Dare Shonubi
Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development. You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com
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Dare Shonubi 247 Articles
Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development. You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com
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