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Ethereum jumps more than 20%, testing the $2,300 level
ETH/USD pushed above $1,950 and briefly traded near $2,300 after clearing a contracting triangle and multiple moving averages on the 4-hour chart.
Ethereum started a fresh rally against the US dollar, climbing from about $1,850 to push above $1,950 and into a short-term positive zone, according to Action Forex.
On the 4-hour chart, the price cleared a contracting triangle with resistance near $1,880 and notched a close above $2,050, with the 100 and 200 simple moving averages also supporting the move.
The bulls drove the market up more than 20%, bringing ETH close to the $2,300 resistance area on TitanFX.
Action Forex also flagged upside resistance near $2,280 to $2,300, with a higher hurdle at $2,350 that could open the door to a larger move toward $2,500 if it is cleared, while support was cited around $2,220, $2,000, and $1,950.
Separately, the outlet said Bitcoin began a steady increase and that bulls may target a move above the $70,000 resistance level.
Latest closeBitcoin $84,310.25 ▼0.1%|Ethereum $2,685.67 ▲0.0%