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Ethereum Price Analysis: ETH/USD bullish momentum is growing following reclaim of $200

  • Ethereum price is trading in the green by 6.55% in the session on Wednesday. 
  • ETH/USD found a decent wave of buying momentum, after consolidating below $200. 
  • Buyer confidence is quickly returning, given the noted psychological area breach. 
Ethereum Price Analysis: ETH/USD bullish momentum is growing following reclaim of $200
Ken ChigboKen ChigboIndependent Analyst

ETH/USD daily chart

Following the move back above $200, there will be room for a fast return back up to $250, the next major upside barrier and then $280. It is also worth noting the bulls were able to break down a descending trend line, which had been in play since 15 February. 

ETH/USD 60-minute chart

An explosive move higher was observed via the 60-minute chart view, after the bulls smashed out of a narrowing range block. 


 

Spot rate:                      209.50

Relative change:          +6.55%

High:                             211.32

Low:                              196.65

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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