After a strong drop earlier this week, Ethereum finally gained some strength on Wednesday. The price of the leading cryptocurrency surged 8% higher in the past 24 hours from $375 to a high around $409. Ethereum currently trades for $404 after a slight pullback from the daily highs.
Analysts are optimistic about Ethereum’s prospects as technical trends align in favor of further growth. There are also fundamental trends that indicate ETH will continue its ascent in the days ahead.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom
Ethereum Surges Higher
Ethereum is expected to move much higher in the days ahead as the <span class="wpg-tooltip-term-title">Coin</span></h3><div class="wpg-tooltip-content">A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/coin/">» Read more</a><p></div>”>coin flips the $380-400 resistance zone into support.
One crypto-asset analyst recently said that $400 could result in a stronger move higher:
“I don’t short Ethereum because im not a moron, that said currently PA needs to get above and flip $390 into support for us to start heading higher, seems to be that price as gotten comfortable below $400 recently… Thinking that tomorrow we could see $400+. Send it.”
Charts of ETH's price action over the past few months with analysis by crypto trader Cactus (@TheCryptoCactus on Twitter).
Source: