Ethereum market update: ETH/USD surge above $300 sparks fresh investor interest
|- Ethereum stays above $300 in readiness for another assault at $320 and the resistance at $326.
- Ethereum’s path of least resistance is upward sideways: Technical analysis suggests.
Ethereum recent surge saw it successfully ace the challenge at $300 barrier. The gains mostly connected to Bitcoin surge have, however, resulted in more demand for Ethereum among investors who believe that largest altcoin on the market to have the potential for recovery beyond $400 in the medium term.
Meanwhile, Ethereum is trading at $311 after retreating from new yearly highs around $326. Short-Term support has already been established at $300, although the upside is limited under $320.
Looking at the 4-hour chart, Ethereum’s path of least resistance is upward sideways. The Relative Strength Index (RSI) is moving sideways with an upward inclination at 70. This trend suggests a stronger buyer presence. However, the MACD increasing divergence downwards proposes that bears are battling to take back control. For safety, Ethereum bulls must push for gains above $320 in order to allow correction past $330 heading towards $400.
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