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

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

Benson Toti

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

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