Ethereum price analysis: ETH/USD up 5% on the day, the upside gaining traction
|- Ethereum re-gaining ground, more upside in store.
- CryptoKitties are back as a separate project, no more problems for ETH network.
Ethereum is catching up with the rest of the cryptocurrencies, as ETH/USD upside is gaining traction after a slow start on Monday and Tuesday. The coin has risen nearly 5% since the start of the day to trade at $583.60. It was among the biggest losers during the recent crypto crash as Google and alleged Twitter ad bans have more to do with ICOs, which are mostly based on Ethereum network.
Meanwhile, CryptoKitties are making headlines again. The blockchain-based game that has a breakout success in December 2017 and slowed down the Ethereum network considerably, now is being spun off as a separate venture. The project has already raised $12 million from famous investors including Coinbase Inc. founder Fred Ehrsam.
Ethereum technical picture
On the intraday basis, ETH/USD has jumped above 50 and 100-SMA on the hourly chart, which both lines converged around $545 level. As long the price stays above this area, the short-term bias remains bullish. The resistance levels $600 and $620 will cap the upside for the time being, though, once they are broken, the increased buying pressure will push ETH towards $680.
ETH/USD, the hourly chart
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