Ethereum technical analysis: ETH/USD heading toward big game changing $400 barrier; huge gains of over 10%

Ethereum trading with chunky gains of 10% in the second half of Wednesday.
ETH/USD bulls are making solid progress, as the price head towards a large barrier, noted at $400, which if broken can invite a stronger wave of buying.
The current price behavior is showing similarities to the 2017 bull run.

Ken Chigbo Independent Analyst

Spot rate: 347.54

Relative change: +10.86%

High: 349.46

Low: 249.63

ETH/USD 60-minute chart

Price action broke out from a bullish pennant formation as seen via the 60-minute chart view, helping drive ETH further north.

ETH/USD weekly chart

Bulls are heading towards a critical barrier, $400, which if broken could open up the door the a large wave of buying pressure.

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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ETH/USD 60-minute chart

ETH/USD weekly chart

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