ETH price sees correction in the aftermath of a week-long surge

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  • Ethereum saw a strong recovery after March 2020, but its progress was stopped by the $240 mark.
  • This barrier was finally broken recently as part of a new price surge that took it up to $320.
  • This new resistance rejected the coin’s price, although only slightly, and the surge may yet continue soon.

Ethereum (ETH) price recently hit a new 12-month high, reaching the highest point it has seen since June 2019. After several months of recovery after mid-March price crash, and a few more months of being blocked by a strong resistance, the price finally surged, breaking numerous barriers along the way. However, it now sees a minor correction.

Ethereum finally breaks out

Ethereum saw a lot of activity this year, starting with a massive price increase in January and February, which was followed by just as strong crash in mid-March. The crash itself was followed by months of recovery that took its price from $115 to $240 in a matter of a few months.

However, this level, $240, proved to be a very difficult barrier for Ethereum. The coin struggled to reach it with every slight resistance along the way giving its best to stop it.

But, thanks to its dApps, and more importantly, the rise of the DeFi trend, Ethereum simply kept pushing up. The fact that Ethereum 2.0 was also supposed to happen this year encouraged many to buy ETH, and even though the launch was delayed time and time again, the price remained high.

Of course, it lacked something that would allow it to breach the strong barrier at $240, finally getting the positive news it needed last week, when the launch of the final testnet for ETH 2.0 was announced.

This started a surge that pushed ETH past $240, as well as every other barrier along the way, all the way up to $320. But, after reaching this level, ETH found another strong resistance which it tried breaking, only for it to push the coin’s price back.

Conclusion

Ethereum saw a strong surge over the last week, but it seems that it hit another wall while climbing up. For now, the correction appears to be minor one, but keeping an eye on its price is definitely a good idea in days to come.

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