The Ethereum price (ETH/USD) has seen significant gains after breaking a major resistance above the $700 mark in today’s early trading.
The second-largest cryptocurrency on the market enjoyed solid gains on Wednesday, rising nearly 2% to close the session at $687.15. But the real breakout happened in the early hours of today’s trading, when the coin moved above the $700 barrier for the first time in eight days.
Having topped the elusive level, Ethereum continued to advance at a steady pace to hit a near two-month high of $752.30. The cryptocurrency has since pulled back to slightly lower levels. At the time of writing, the Ethereum price was hovering around $745, according to data from cryptocurrency tracker Coinmarketcap.
The Ethereum price rally may have been helped by recent comments by Reddit co-founder Alexis Ohanian, who forecast that the coin would overshadow its larger rival Bitcoin in 2018. Talking to Fortune’s Term Sheet on Tuesday, Ohanian said that while he expected Bitcoin to revisit its all-time high of $20,000 this year, he believed that Ethereum would be the real winner.
“I’m most bullish about Ethereum simply because people are actually building on it,” said Ohanian, who stepped back from Reddit’s day-to-day operations and now invests in businesses via his venture capital firm, Initialized Capital.
Ohanian also said that Ethereum would reach $15,000 by the end of the year, a prediction that was published in Fortune’s original report. However, the publication later informed that the entrepreneur had amended his comment, “saying that he misspoke and meant to say that its price would reach $1,500 by year’s end”.
In today’s trading, the Ethereum price stood at $748.39, as of 16:08 BST. The cryptocurrency has gained 10.3% in the past 24 hours.
For further information on how to buy and trade Ethereum, see our comprehensive Ethereum guide.