Ethereum price analysis: ETH/USD receives support from the strong $600 level, eyes on a retest of key resistance $715

Ken Chigbo Independent Analyst

Ethereum is up with modest 1%, following rejection at ascending trend line, $710, but looks to retest.

Support came into play at $600, to give bulls another lifeline at the recent trend higher.

The Ethereum price is seen up with a modest 1% in gains on Thursday, as the price looks to recover from Wednesday’s losses to continue bull-run. A bounce has been seen across the crypto market, following the heavy selling pressure in the prior session.

Given the support received at $600, ETH/USD will look at laying the foundations for another retest of the long-running ascending trend line, from June 2017. This follows Wednesday, where the price failed to break back above.

Technically, Ethereum is could within the near-term be taken over again by the bulls, give the recent support received. Resistance remains firm as demonstrated at the trend line, tracking at $715, a break above could see a fast move back within $1,000 territory. Support remains at $600, a breach would likely send the price back to the late $300 region.

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.

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