|

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

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.

More from Ken Chigbo
Share:

Editor's Picks

XRP retreats as ETF interest cools
Ripple (XRP) slides toward the short-term $1.10 support on Friday, as broader crypto market sentiment weighs on crypto assets. The sell-off mainly stems from fears of inflation in the United States (US) amid the ongoing war in the Middle East and rising Oil prices.
Crypto Today: Bitcoin, Ethereum, XRP pare losses as breakout potential builds
Bitcoin (BTC) is edging higher on Friday, albeit gradually, after reclaiming support above $65,000. Meanwhile, Ethereum (ETH) shows signs of stability near the immediate $1,900 hurdle, backed by mild capital inflows. Ripple (XRP), on the other hand, holds above the pivotal $1.10, with its upside structurally constrained below $1.15.
Bitcoin Weekly Forecast: BTC holds firm, but the $100 Oil threat could change the game
Bitcoin (BTC) is modestly recovering, trading at $65,400 on Friday and holding firmly above the key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) supported BTC’s modest recovery as they continued to attract institutional inflows through Thursday, pointing to the third consecutive week of inflows.
Crypto shrugs off a stronger Dollar
Cryptocurrencies have been affected by jitters in traditional financial markets, losing 0.8% of their market capitalisation over the past 24 hours to $2.23T, dipping to a low of $2.21T at the start of active trading in Asia.
Bitcoin: BTC holds firm, but the $100 Oil threat could change the game
Bitcoin (BTC) is modestly recovering, trading at $65,400 on Friday and holding firmly above the key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) supported BTC’s modest recovery as they continued to attract institutional inflows through Thursday, pointing to the third consecutive week of inflows.