Breaking: Ethereum explodes to new yearly high, validating upward price action


Ethereum has ascended to new yearly highs after breaking the recent peak achieved in January. The flagship altcoin is trading at $1,372 amid the push for gains eyeing $1,400. However, a daily close is required above $1,350 to validate the uptrend.

ETH/USD 4-hour chart

ETH/USD 4-hour chart

As reported on Monday, Ethereum’s expected uptrend has been validated by on-chain metrics such as the network growth and the high number of whales. From a technical perspective, short term analysis suggests that buyers will remain in actin a while longer, especially with the 50 Simple Moving Average above the 100 SMA.

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