ETH/USD up over 8% on Friday, $850 resistance broken

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  • ETH/USD seen up over 8% during trading on Friday
  • Recovery firming across the board
  • Price up over 50% from Tuesday lows at $560

 

The Ethereum price has been firming on Friday, with no signs of slowing down this retracement. It is on a mission to reclaim heavy the losses over the last week, despite the exhausting last few trading sessions, it still climbing steady.

It is interesting to note the rate at which Ethereum is closing in on Bitcoin, in terms of market capitalisation, currently seen at $84 million vs. Bitcoin $146 million. Many expect Ethereum to potentially take over Bitcoin this year.

Looking technically, the price is within an ascending channel on 4 hour time frame. The bullish sentiment is evident at this time, resistance now not seen until the phycological $1000 level. Support now seen within $800-850 region.

 

ETH/USD H4 chart

 

Source

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