Ethereum price soared above $260 as the cryptocurrency market surges further.
May 16, 2019 | AtoZ Markets - After a minor correction to $170 last week, Ethereum surged by nearly 60% to hit above $260 for the first time since August 2018. Ethereum has now gained over 220% since it bottomed at $82 in December. However, the current rally is still short of the Ethereum's all-time high. In fact, the current price is still at a significant distance away from 23.6% correction of the last bearish phase. If price continues the rally, the next target level will be the $350-400 resistance zone.
Top cryptocurrencies average over 260% surge
The cryptocurrency market is in a big rally. Prices might not get back to 2018 lows. The top 5 ranked cryptos on Coinmarketcap have averaged over 260% gains since December lows. Of the top 5, Bitcoin Cash has gained over 500% to hit over $400. Litecoin, Ripple, Ethereum and Bitcoin gained 350%, 65%, 220% and 156% respectively. Majority of these surges started in April and have been stronger in May. The total market capitalization stands at $248 billion. Bitcoin dominance has also dropped from 59% to 56.6% as the altcoins dominate this week.
Ethereum price has rallied 9% in the last 24 hours and its market capitalization hit $28 billion on Thursday to retain its 2nd position in terms of capitalization.
The cryptocurrency is still far from its highest capitalization recorded in January 2018. However, it has doubled this year so far.
Ethereum price prediction: next price levels
Ethereum price pattern from the $82 looked corrective within a rising channel prior to the upsurge this week. If the price had been resisted at the channel top, a dip to $150-160 was expected according to our last update. The upside breakout meant that a bullish impulse wave could be emerging.
Ethereum price technical development is quite different from any of the others in the top 5. Looking at the larger picture, the current recovery from $82 is still very much shallow. $350-400 zone is the next most important price level. If ETH does not drop back into the channel, we should expect it to touch $350.