Ethereum Price Analysis: ETH/USD solid path ahead post hammer reversal candlestick

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  • Ethereum price seen up a modest 1.5% in the latter stages of trading on Friday.
  • ETH/USD has laid grounds for a decent path of recovery, post the daily hammer candlestick, indicating of a reversal.

The Ethereum price held modest gains of some 1.5% in the latter stages of trading on Friday, maintaining the upside momentum, that has very much dominated the crypto market throughout the week.

ETH/USD back on the 12th September demonstrated decent indications of a reversal to come, given the hammer candlestick being produced on the daily chart. Since this, ETH/USD has recovered some 40% from the lows around $167.

Technically, given the pace and strength of recent recovery, there doesn’t appear be too much to suggest this will change anytime soon. However, given the big moves in much a short space of time, it wouldn’t be surprising to see a small pullback, before a further determined move north. There is immediate supply seen from $225-30, a clearance can open a run up to $250 and then $300, should upside momentum be maintained. On the daily time frame, support is only firm back at $200.

 

ETH/USD daily chart

 

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