Ether prices have been hovering above $40 per coin as of late, indicating significant support for that price, according to several analysts.
During this time, ether has risen past $50 more than once, reaching as much as $53.78 on 29th March, according to CoinMarketCap. So far this year, the cryptocurrency has increased in value fivefold – from roughly $10 to $50.
Amid this continued strength, Joe Lee, founder and CEO of bitcoin derivatives platform Magnr, told CoinDesk that $40 appears to be a price ethereum users are happy with.
Charles Hayter, founder and CEO of data service provider CryptoCompare, offered a similar sentiment, telling CoinDesk he believes there’s enough evidence now to deem it a “solid support level”.