Ethereum price analysis 14 September: ether enjoys accelerated support from bulls
Ethereum, the second largest digital currency by market cap, is leading the charge in this bull market.
- Ethereum is rocketing northward, increasing its value at a formidable pace.
- Trading volumes have also increased by one fifth in the last 24 hours of trading.
- Ethereum's network will undergo a "hard fork" of sorts, when it upgrades to Constantinople in November.
The price of Ethereum has risen at an expeditious rate over the past 24 hours, increasing its value by more than one fifth (21%) amidst a now flourishing cryptocurrency market. But how long will this positive sentiment last?
The majority of digital coins in the market are experiencing a solid recovery today, posting significant gains across the board. Many tokens are fast reclaiming heavy losses incurred over the past few weeks of trade.
Ethereum, in particular, is rapidly tracking higher. The coin touched a weekly low of US$170.41 in the early hours of 12 September before triggering a huge turnaround, boosting its price at breakneck speed.
The value of ether continues to power towards its previous weekly high of US$233.19 on 6 September.
At the time of writing, ether was valued at US$210.01.
24-hour trading volumes have shot up (20%) since yesterday, jumping from US$1.87 billion to US$2.25 billion.
ETHNews reports that there has been a strong rise in ETH/BTC from lows, with the pair trading above the 0.0280 BTC and 0.0300 BTC resistance levels. The pair also surpassed the next resistance level at 0.0320 BTC.
In a post earlier this morning, CryptoDaily analyst Fakhan suggested that the cryptocurrency market is one heartbeat away from breaking the downtrend resistance and kicking off a much anticipated altcoin rally.
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