The Ethereum price (ETH/USD) has retained most of the progress it made last week, although it had to endure a somewhat disappointing Monday morning session
The digital currency experienced a sharp price jump on Friday, surging more than 10% in the afternoon to close the session at $119.27. It was able to amass further gains during the weekend, mostly thanks to an impressive performance on Sunday, which saw its price rising to a three-week high of $124.85 in the final hours of the session. Ethereum’s strong gains in these sessions allowed the coin to overtake Ripple (XRP) as the second-largest digital currency on the market.
Following the strong weekend, ETH experienced a comparatively lacklustre trading Monday morning, as its price fell to as low as $120.31. However, the coin has picked up in the afternoon portion of the session and is currently hovering around $123.
Ethereum’s rally last week coincided with a larger uptrend affecting he wider cryptocurrency market. Major digital coin such as Bitcoin (BTC) and Litecoin (LTC) posted significant gains in the previous three sessions. Meanwhile, XRP has underperformed, although it did manage to return above the $0.30 mark.
Mati Greenspan, senior market analyst at eToro, commented that the price movements seen over the past week “have been encouraging”, but he also cautioned the “it’s important to remember that we’re not out of the bear market just yet”.
“While some might argue the bears are weakening, bitcoin needs a strong breakout above the psychological level of $5,000 before the bulls can sharpen their horns in earnest,” Greenspan said, as quoted by Forbes.
In today’s trading, the Ethereum price stood at $122.66, as of 15:19 GMT. The digital coin has gained 4.1% in the past 24 hours, according to data from digital currency tracker Coinmarketcap. Its total market capitalisation currently stands at $12.85 billion.