Ethereum price (ETH/USD) bounces back after poor Friday start

Ethereum price (ETH/USD) bounces back after poor Friday start

The Ethereum price (ETH/USD) has edged higher on Friday, thanks to a sharp uptick that allowed ETH to recover after a poor start of the session.

The third-largest cryptocurrency on the market had a difficult trading session on Thursday, as it spent the better part of the day moving on a downward trajectory. The digital coin rose to a three-day high of $110.46 in early trading, but that remained the only bright spot for ETH during the day. After that the coin gradually fell to an intraday low of $106.53 and eventually closed the session at $107.06, down from its opening level of $108.90.

Ethereum continued to struggle during the opening hours of the session, with its price falling to as low as $105.05 during that period. However, the digital coin has managed to recover its losses following a sharp rebound in late morning trading. Ethereum has so far managed to defend its gains in the afternoon and is currently hovering around $108.

In other Ethereum-related news, South Korea’s financial regulator, the Financial Services Commission (FSC), said yesterday that it would maintain the ban on initial coin offerings (ICO), industry website Coindesk has reported.

According to a report by Coindesk Korea, the FSC described ICOs as a “high risk” activity and advised the public to exercise caution when investing in such projects. The FSC decided to maintain the ban after a survey conducted by the Financial Supervisory Service (FSS) indicated that some ICO projects ostensibly conducted abroad had also illegally raised money from Korean investors, Coindesk notes.

While not the only one, Ethereum is the leading platform for initial coin offerings.

In today’s trading, the Ethereum price stood at $107.64, as of 14:54 GMT. The digital coin has gained 0.5% in the past 24 hours, according to data from digital currency tracker Coinmarketcap. Its total market capitalisation currently stands at $11.2 billion.

By Michael Harris
Specialising in economics by academia, with a passion for financial trading, Michael Harris has been a regular contributor to Invezz. His passion has given him first hand experience of trading, while his writing means he understands the market forces and wider regulation.