The Ethereum price (ETH/USD) has returned above the $200 mark after posting big gains in the most recent 24-hour period.
The second-largest digital currency on the market, struggled during most of the Wednesday session, with its price hitting a new 2018 low of $170.26 in the afternoon. Industry website Coindesk reported that ETH/USD shorts on the Bitfinex crypto exchange had reached a new all-time high of 248,247, beating last Friday’s record high of 247,611. Despite the bearish sentiment, the coin experienced a sudden uptick in late trading that allowed it to erase most of its earlier losses. Ethereum finished the day at $183.33, only slightly down from its opening level of $185.42.
Ethereum crossed the $190 mark in the early hours of today’s trading, after its price experienced another uptick. The coin spent the rest of the morning session trading sideways, trying to secure its position above the $190 mark. It managed to take its rally to another level in recent trading and its rapid advance allowed it to break through the $200 barrier for the first time in six days. The coin rise to as high as $205.87, before pulling back to slightly lower levels. At the time of writing, the Ethereum price was hovering around $203, according to data from digital currency tracker Coinmarketcap.
Ethereum has been at the forefront of a broader crypto recovery rally that has impacted many digital coins over the past 24 hours.
In today’s trading, the Ethereum price stood at $204.43, as of 15:40 BST. The digital coin has gained a whopping 17.3% in the past 24 hours, which makes it the best performing top 10 cryptocurrency over that period. The coin’s total market cap currently stands at $20.7 billion.
For further information on how to buy and trade Ethereum, see our comprehensive Ethereum guide.