Summary List Placement
Ether is at a fork in the road and faces a key resistance level at $2,700, Kraken analysts said.
The world’s second biggest cryptocurrency rose 35% in March, more than bitcoin.
Kraken said the second quarter has historically been good for ether and and other cryptocurrencies.
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Ethereum’s cryptocurrency ether is at a fork in the road and faces a big test in climbing above $2,700, according to analysts at crypto exchange Kraken.
Kraken analysts, led by Pete Humiston, said in a review of the market on Wednesday that ether had jumped 35% and outperformed bitcoin’s 30% gain in March.
Yet they said: “When looking at historical price action, ETH is at a bit of a fork in the road.” The world’s second-biggest cryptocurrency stood at around $1,990 on Thursday morning.
Kraken said on Wednesday that chart analysis suggested ether’s next big level of resistance is around $2,700. If it passes this level, it could break into a higher band where the next resistance level is $5,000, the report suggested.
Yet the analysts added that there is a danger ether falls below the key support level of around $1,460, in which case it could drop into a lower trading band where the lower support level is $990.
However, cryptocurrencies’ wild volatility means movements are hard to predict and makes technical analysis difficult.
Kraken’s report also said that the second quarter has historically been a good one for ether, which is yet to see a negative return in the period.
Ether has shot up more than 1,000% over the last year as interest in cryptocurrencies has boomed. It touched an all-time high of around $2,150 earlier in April and has traded around $2,000 over the last week.
Developers on the Ethereum network are set …read more
Source:: Business Insider