Technical Analysis

Ethereum Breakout Hits One-Month High

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The value of Ethereum caught a tailwind on Tuesday, as a series of technical trades brought ETH/USD above critical resistance levels.

ETH/USD held firm in the early hours of Wednesday trading, where it was seen hovering around $336. The cross has added 6% over the past 24 hours on higher trade volumes. With the gain, ether climbed above key technical hurdles situated at $315 and $325, signaling continued upside for the pair.

At current levels, ether’s total market cap is valued at $32.13 billion, enough for second on the global cryptocurrency list. Ethereum briefly fell to third place on the list after Bitcoin Cash quadrupled in price over the weekend.

Ethereum has struggled in recent months, but appears poised to continue higher after this week’s technical breakout. The market remains well below record highs, which appear closer to $400.

The ether blockchain continues to be the platform of choice for token issuers. This is expected to continue as more companies adopt smart contracts.

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