Ether (ETH) defends recently captured $300 level amid challenging trading

Ether (ETH) defends recently captured $300 level amid challenging trading

The Ether price (ETH/USD) has returned above the $300 mark, benefiting from a strong uptrend observed across the wider digital currency market.

Bitcoin (BTC) set the tone on Friday, rising above the $10,000 mark for the first time in over a year. Meanwhile, the Ether price rose by nearly 10% during the day to put the No. 2 digital currency within striking distance of the $300 mark. The coin secured the break on Saturday, when it rose to as high as $315.19.

However, the coin experienced a major correction following its Saturday high, with its price plunging towards the low $300 area. Still it managed to defend the important level and finished the day at $309.38 following a late rebound.

Ether saw some nervous trading on Sunday, with its price swinging wildly throughout the session. The coin started off strongly and was able to quickly retake the $315 level. ETH then went through a rough patch in the afternoon, before experiencing another surge that lifted its price to a 10-month high of $318.57. However, the coin didn’t manage to sustain trading at that level and finished the session in the negative territory, posting a close of $307.83. It had opened the session at $309.42.

Ether declined further at the start of today’s trading, with its price dropping below the $300 mark. The coin has since managed to stabilise and rally back towards the $310 mark. Still, the coin has remained well below its Sunday high.

In today’s trading, the Ether price stood at $308.55, as of 16:45 BST. The digital coin has lost 0.7% of its value in the past 24 hours, according to data from digital currency tracker Coinmarketcap. The coin’s total market capitalisation currently stands at $32.9 billion, which makes ETH the second-largest digital coin on the market, after Bitcoin.

Featured image: pedrosek / Shutterstock.com

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site. Click here for more information.