Ethereum price (ETH/USD) rises to test $150 level

After seeing a significant correction on Tuesday afternoon, the Ethereum price (ETH/USD) has renewed its advance towards a major price barrier.

The second-largest digital currency on the market enjoyed a strong start to yesterday’s session, as its price surged to as high as $149.93, from its opening level of $146.40. However, the coin was forced to pull back after facing stiff resistance around the $150 mark. The rest of the morning session was marked by significant price swings, while the afternoon portion of the session was dominated by a strong corrective trend. Ethereum eventually finished the day in the negative territory, notching up a close of $145.35.

The coin saw further losses in the early hours of today’s trading tumbling to as low as $142.50. However, ETH has since been able to bounce back and resume its rally towards the $150 mark. At the time of writing, the Ethereum price was hovering around $148, according to data from digital currency tracker Coinmarketcap.

Ethereum’s recent gains are part of a larger uptrend observed across the digital currency market. Most major currencies have experienced strong price rallies in the past few session, boosting the total crypto market capitalisation to over $136 billion. At the same time there has been a significant improvement in trading volumes. Ethereum, in particular, posted daily trading volumes of $5.3 billion on Monday and Tuesday, a notable increase given that its daily volume had mostly stayed in the $2 billion-$3 billion range in the previous 30 days. Recent market data shows that around $4.6 billion worth of ETH tokens has changed hands over the past 24 hours.

In today’s trading, the Ethereum price stood at $148.04, as of 13:28 GMT. The digital currency has lost 0.2% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at $15.5 billion.