After surging significantly higher and testing new yearly highs, the crypto market corrected lower. The digital currency market recently soared higher, with most altcoins testing new yearly highs. Even the world’s most dominant digital currency – Bitcoin (BTC) – experienced a massive price surge. The price of Bitcoin (BTC) rallied over the $8k level. The digital currency was blocked on the upside and correction began.
The price of Ethereum (ETH) also tested a new yearly high, after breaking over the $260 level. ETH broke over several resistance levels and the short-term Ethereum price prediction 2019. The recent correction sent the price of all the top digital currencies into the red. However, despite the plunge, the price of Ethereum has remained strong over the $240 level.
Ethereum Still Looks Pretty Bearish Amidst the Correction – How Long Can ETH USD Price Hold?
The start of this weekend was really bearish for the crypto market. The prices of most digital currencies were deep in the red, after riding with the crypto bulls during the week. On Bitstamp – a popular crypto exchange – the price of Bitcoin (BTC) plunged from around $8k to $6,200. Other digital currencies such as XRP, Litecoin (LTC), Bitcoin Cash (BCH) followed suit. However, it was only Bitstamp that saw such heavy dips.
On other trading platforms, the price of Bitcoin (BTC) was still hovering around the $7k mark. At the moment, the price of Bitcoin has recovered over the $7k level, it is now heading towards the $7,500 level. As Bitcoin is now back in the green, many digital asset investors, traders, and analysts believe that the altcoin market will follow suit. While some altcoins plunged heavily, some were still trading in the green during the price correction.
Ethereum Price Will Go Parabolic When It Breaks Over Its Major Hurdle Point – How Far Can the Price of Ethereum Go?
In the midst of all these corrections, the chart of Ethereum (ETH) looks dandy and fine. According to Etherdamus – a prominent digital asset investor and trader, the major resistance of Ethereum is at the $270 mark. However, he believes that the digital currency will break over that level in the next couple of days.
Benjamin Blunts – another top crypto analyst – said that the price of Ethereum will go parabolic when it breaks over its major resistance level. He noted that ETH USD price might even hit $300 or higher. The $300 level is the short-term Ethereum price forecast of Benjamin. This Ethereum price prediction is pretty realistic, as the price of Ethereum looks set to hit and break over its strong hurdle point in the short-term.
The recent Ethereum news can also serve as a catalyst to boost the price of the digital currency over its major hurdle point. Recently, Microsoft and JP Morgan unveiled a collaboration that will see the implementation of Quorum – the Ethereum-based chain of the former – on Azure Blockchain Service – a tech firm. This will further boost the adoption of blockchain and Ethereum (ETH).
Ethereum (ETH) Price Today – ETH / USD
At the press time, ETH USD price is $245 after an increase of about two percent over the past twenty-four hours. The current market cap of the digital currency is $25.72 billion. The trading volume of Ethereum over the past twenty-four hours is $16.02 billion.