Ethereum price analysis: ETH/USD jumps 9% to reclaim $700, outperforms peers, but big barrier ahead
- Ethereum rallies with gains of 9% to push price back above $700 mark again.
- ETH/USD retesting a long-running ascending trend line, as bulls look to take price back above.
The Ethereum price has gained over 9% in the session on Tuesday, as the domination from the bull camp remains driving the trend currently. This is inline with the crypto market moving in lock-step, as some life being kicked back into the bulls in the last two weeks now.
On 17th March, ETH/USD broke out to the downside from a long-running ascending trend line, from May 2017. The price went on to produce lows within the mid-$300 region, before receiving some decent buying interest to prop Ethereum back up.
ETH/USD is testing the above-mentioned ascending trend line, as the bulls look at making the price breach back north of this resistance, tracking at $725. A push back above could very well see $1,000 again for Ethereum. Support looks firm at $638, the low for; 9th March, 5th February, 30th December, a level proven to demonstrate its strength.
ETH/USD daily 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.
