Ethereum’s price soared over 15% today as the market unexpectedly rose past the $300 mark. After reaching an all time high of $420 in June as a result of the ICO hype, it has been roughly a month since Ethereum touched the $300 mark. If the current support line holds, Ethereum may once again touch all time highs and even break new records.
It is still early to tell whether or not Ethereum’s bearish phase has ended, but it is also hard to ignore the strong support at the $300 level.
Overstock recently announced that it will accept more than 40 major cryptocurrencies including Ethereum. While overstock accepting cryptocurrency is not news by any means, the fact that users can now use Ethereum and other digital currencies to pay for their products creates natural positive pressure in those altcoins’ markets.
Taking a look at this chart on coinmarketcap we can see that eight out of the top ten cryptocurrencies have seen some sort of price rise in the past 24 hours. Ethereum is no exception either, and being the second most popular cryptocurrency based on community support and marketcap, the announcement is sure to make waves in the market.
Some would also argue that Ethereum’s price is heavily influenced by Bitcoin’s market as well. If you take a look at the above chart you will notice that Ethereum’s price spike started right around the same time Bitcoin’s most recent rally began. As a result, if Bitcoin’s price decides to crash, it is to be expected the Ethereum’s market will feel some of that pressure.
Bitcoin is currently trading at $3376 on Bitstamp, down only a few percent from its most recent all time high of $3490. Bitcoin Cash on the other hand, is holding steady at the $300 level even though it is taking heavy selling pressure as exchanges only recently enabled BCH deposits.
Do you think Bitcoin’s price has a heavy influence on Ethereum? Let us know in the comment section!
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