fxs_header_sponsor_anchor

Ethereum price analysis: ETH/USD jumps 9% to reclaim $700, outperforms peers, but big barrier ahead

  • Ethereum rallies with gains of 9% to push price back above $700 mark again.
  • ETH/USD retesting a long-running ascending trend line, as bulls look to take price back above.

 

The Ethereum price has gained over 9% in the session on Tuesday, as the domination from the bull camp remains driving the trend currently. This is inline with the crypto market moving in lock-step, as some life being kicked back into the bulls in the last two weeks now.

On 17th March, ETH/USD broke out to the downside from a long-running ascending trend line, from May 2017. The price went on to produce lows within the mid-$300 region, before receiving some decent buying interest to prop Ethereum back up.

ETH/USD is testing the above-mentioned ascending trend line, as the bulls look at making the price breach back north of this resistance, tracking at $725. A push back above could very well see $1,000 again for Ethereum. Support looks firm at $638, the low for; 9th March, 5th February, 30th December, a level proven to demonstrate its strength.

 

ETH/USD daily chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.