Ethereum price (ETH/USD) hits five-week high on Monday morning

on Feb 18, 2019
Updated: Mar 11, 2020

The Ethereum price (ETH/USD) has hit its highest level in more than a month thanks to strong performance on Saturday and during today’s morning session.

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The second largest cryptocurrency on the market enjoyed a strong Sunday session, with its price moving on a stable upward trajectory. Ethereum’s advance accelerated in the afternoon, when the coin managed to break above the $130 mark for the first time in over a month. ETH finished the session at $133.60, well above its opening price of $123.18.

Ethereum has been able to maintain the positive momentum in today’s morning session, which allowed it to come within striking distance of breaking through the $140 barrier. The hit a five-and-a-half-week high of $139.12, before pulling back to slightly lower levels. At the time of writing, the Ethereum price was hovering below the $139 mark, according to data from digital currency tracker Coinmarketcap.

Ethereum has also seen a big improvement in terms of market activity. Yesterday, the coin recorded daily trading volume of $4.2 billion, up from the $2.9 billion generated on Saturday. Recent market data shows that the nearly $4.9 billion worth of ETH tokens have changed hands over the past 24 hours.

Ethereum’s resurgence comes as the highly anticipated Constantinople hard fork draws near. The system upgrade, which is expected to take place in late February, is a major milestone in Ethereum’s transition from a Proof-of-Work-driven protocol to Proof-of-Stake. The update was initially schedule for last month, but it was delayed after smart contract audit firm ChainSecurity found that implementing one of the planned changes could create critical vulnerability in the Ethereum protocol.

In today’s trading, the Ethereum price stood at $138.57, as of 11:11 GMT. The digital coin has gained 9.3% in the past 24 hours. The coin’s total market cap currently stands at $14.5 billion.

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