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Ethereum technical analysis: ETH/USD heading toward big game changing $400 barrier; huge gains of over 10%

  • Ethereum trading with chunky gains of 10% in the second half of Wednesday.
  • ETH/USD bulls are making solid progress, as the price head towards a large barrier, noted at $400, which if broken can invite a stronger wave of buying. 
  • The current price behavior is showing similarities to the 2017 bull run. 
Ethereum technical analysis: ETH/USD heading toward big game changing $400 barrier; huge gains of over 10%
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 347.54

Relative change:      +10.86%

High:                        349.46

Low:                         249.63

ETH/USD 60-minute chart

  • Price action broke out from a bullish pennant formation as seen via the 60-minute chart view, helping drive ETH further north. 

ETH/USD weekly chart

  • Bulls are heading towards a critical barrier, $400, which if broken could open up the door the a large wave of buying pressure.

Author

Ken Chigbo

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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