May appears to be another successful month for Ether with trading sessions characterized by sharp upward bursts in price.
Ethereum, the second largest cryptocurrency in the market, has been experiencing an exceptional surge in price over the last few weeks. The last few days have been especially bullish. Within the past 24 hours, Ether has surged at a rate of 10.57% rising by 19.16% all the way to $801.
Ethereum is the Highest Gainer
Of all the top 10 gainers, Ethereum has the highest growth rate. There is an upward movement in the ten base points MA and the 100 base point MA. This means that Ethereum is going to break through the $849 mark.
At the moment, Ether is overbought in the market. In the one hour chart, the cryptocurrency has increased by 1.62%.
Why is Ether’s Price Rising Today?
There have been many opinions regarding possible reasons why the price of Ether is rising. Some analysts believe that the collaboration between TrueDigital and ConsenSys may have contributed in boosting the value of Ether.
Both companies, in March, announced their plans to target a reference index for Ethereum. The idea is to increase Ethereum’s accessibility to investors.
The founder of TrueDigital, Sunil Hirani said that commercial partners and institutional investors are prepared to create a liquid and regulated marketplace to increase exposure for digital currencies. He also noted that, currently, the market is lacking the infrastructure and foundation necessary for institutional investors to thrive.
What the Future Holds for Ethereum?
Despite the downward correction attempts that have been occurring at intervals, the bulls still managed to push all the way through to $800. The downward correction attempts have not stopped the bulls from taking over the market.
For now, it’s safe to say that Ether will continue to rise. However, like every other cryptocurrency, Ether is extremely volatile in nature, and no one can predict its value accurately long term. Even Vitalik Buterin said that a time might come when Ether’s price will fall as low as zero.