Ether is at a fork in the road and the cryptocurrency faces a key resistance level at $2,700, Kraken analysts say

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

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...read more...