Ethereum News

ETH/USD has breached an important resistance trend line to the upside, more buying may be coming


  • Ethereum price has gained another 4.5% on Friday, further making a case for recovery.
  • A key challenge just ahead for ETH/USD is to see a daily close above the long-running trend line.

 

The Ethereum price is seen up 4.5% as it heads into the end of the week on Friday, further building on its path to recovery, with the recent gains seen of late. Ethereum has made strong progress in the last 8 days, receiving some good buying from lows within a bidding area at $360.

Its upside challenge is to break and close above the trend line that was initially supporting the price, from as far back as August 2017 up until it was broken at the end of March. The price will need to see a daily close above this currently acting resistance line.

ETH/USD has much buying momentum given the positive run it has had, regaining the $500 mark back, the price has not been here since March. A clear break and close about the mentioned trend line, can see some decent buying stimulating bulk action back up to $700 territory. Support still stands in the strong bidding zone between $360-390.

 

ETH/USD daily chart



Source link

Join The Discussion