Ether (ETH) had a rough start to yesterday’s session, with its price plunging by more than 4% during the opening hours. While the coin made an attempt to bounce back during the morning session, it subsequently tumbled to an intraday low of $241.80. The coin then spent the rest of the session trying to recover its losses and eventually finished the day at $251.86, down from its opening level of $261.27.
Ether hasn’t been able to continue its late Monday advance during today’s session. ETH came, on a couple of occasions, close to topping the $255 level, but failed to secure the breakthrough each time. At the time of writing, the Ether price was hovering around the level of its Monday close, according to data from digital currency tracker Coinmarketcap.
Not over yet?
ETH may have struggled over the past few days, but the coin’s overall performance this month has been impressive. Earlier this month, the Ether price topped $200 for the first time since November 14 and last week it hit an eight-month high of $275.39. Meanwhile, recent data suggests that the ETH rally might not be over just yet.
As reported yesterday by industry website Coindesk, ETH’s weekly volume reached a more than 17-month high on the largest US crypto exchange, Coinbase. According to the website, Coinbase’s two most popular ETH markets, ETH/BTC and ETH/USD saw a total of 3,675,570 ETH tokens changing hands over the May 13-May 19 period. At current prices this volume has a notional value of over $900 million, which is the highest weekly total on Coinbase since December 11. When taking into account the ETH/GBP, ETH/EUR, and ETH/USDC pairs that were more recently added to the platform, the volume exceeds $1 billion.
Coindesk noted that “weekly volume increases of this magnitude on Coinbase have preceded more significant advances in ETH’s price history”.
In today’s trading, the Ether price stood at $252.36, as of 14:32 BST. The digital coin has gained 2.7% in the past 24 hours. Its total market capitalisation currently stands at $26.8 billion.
Featured image: Inked Pixels / Shutterstock.com
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