ETH/USD: $300 and Beyond
The ETH/USD first broke above $300 on Friday before continuing higher over the weekend. Ether maxed out at $313.90 on Sunday, according to Bitsamp. That’s the highest level since early September. At the time of writing, the pair is consolidating above $310.
Ether is conveying numerous bullish signs as prices continue to push north of $300. The ETH/USD faces immediate support at $305. On the opposite side of the ledger, a rally toward $330 is looking more and more possible from the perspective of relative strength and the MACD.
The ICO craze sweeping the globe has shined the spotlight on Ethereum, whose superior technical specifications and smart contract capability have given birth to a new market. If the current trend continues, Ethereum will likely generate hundreds of crypto-offspring as more startups exploit the platform to mint their own digital currency.
More than $2 billion has been raised to date in ICOs, with the vast majority relying on the ether blockchain. Startups relying on Ethereum must bear the costs of using the network to process transactions. In this way, ether tokens provide access to, and payment for, the transactional role of the Ethereum blockchain.