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.
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
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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