Ethereum spikes above $400 mark, hits fresh all time highs

After an initial dip to $370 level, the ETH/USD rallied hard to achieve a new all-time high level of $405.90. 

The digital currency has gained significant traction over the past 24-hours and the latest leg of the bull run was likely triggered a technical breakout above $380 region. 

The recent price trend since early November has demonstrated the increase in adoption of the Ethereum blockchain network and a sudden movement of large sums of capital from one cryptocurrency to the other.

With several hedge funds, including large investment banks such as JPMorgan, planning to launch Ethereum-focused bonds and funds by early 2018, the price seems more likely continue to surge for the rest of 2017.

Tomas Salles, Technical Analyst at FXStreet writes: "The bullish scenario shows $404.98 as the most meaningful resistance before a free ride to unexplored territory, which would trigger a huge bullish potential. If we look at a bigger timeframe, the weekly chart shows a wide open MACD aiming to the upside, so if $404.98 is broken, bullish potential is huge."