Ethereum price analysis: ETH/USD edging ever closer to shooting having momentum for move back above trend line that runs from May 2017
- Ethereum remains within consolidation mode, however edging closer to a breakout.
- Resistance is in proximity to the current price heading into $700, supports tracks at $650 and then $630, within the near-term.
The Ethereum price is seen up on Wednesday 1.7%, after initially losing as much as 7% over the course of Monday and Tuesday. It was a slow start to the week to begin with, given the large volatility seen in the past trading weeks.
ETH/USD price behavior is still within consolidation mode, as the bulls continue to rest from the 90% rally observed from the second week of April. This generally muted and narrowing theme is seen across the board, awaiting next firm move.
Price action as seen across many of the other major altcoins has been forming a bullish pennant pattern, which is subject to another break higher. This next move will further confirm that the long-term bearish trend observed through this early part of 2018, may be over. Resistance to the upside seen at heading into $700, a break above could see a move back north of the long-running ascending trend line, to then head towards $800, last traded here in March. Support is seen at just below $650 and then $630 in the near term.
ETH/USD 4-hour chart
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.
