Today, the ether token of Ethereum is continuing a rally that has resulted in an almost doubling of the cryptocurrency’s price over the previous month.
According to the aggregate index of Coindesk, Ethereum increased to $800.74, a rise by 2.47 percent, late this morning. Ethereum is the second biggest cryptocurrency in the world by market capitalisation. This follows on from the rally that was observed yesterday when the digital asset climbed by almost $100.
After yesterday’s rally, a technical analyst at Forex, Fawad Razaqzada, stated: “Cryptocurrencies have been in demand again of late, with prices making higher highs and higher lows.”
Razaqzada continued: “It is not clear what exactly is behind the rally but with the stock markets falling in the US, they may have found some safe-haven flows.
“If stocks remain under pressure then cryptocurrencies could extend their gains further.”
He said that ethereum was displaying “relative strength” among the major digital currencies in the world.
He added: “The crypto has rallied sharply away from [April’s $400 support] level and it has almost doubled in price.”
Meanwhile, bitcoin, the biggest cryptocurrency in the world by market capitalisation, was trading at less than half a percent down at $9,693.64 at the around 11 in the morning, continuing an upward movement from the lows that were recorded last April.