Home Cryptocurrency For Beginners Ethereum (ETH) Outpaces Bitcoin, Why Bulls Aim Larger Increase

Ethereum (ETH) Outpaces Bitcoin, Why Bulls Aim Larger Increase

by Coinwidow
179 views
Most Powerful Supplement Available


Ethereum is up over 5% and it broke the $2,400 resistance against the US Dollar. ETH price outpaced bitcoin and it seems like there are chances of more gains above $2,450.

  • Ethereum started a fresh increase and it managed to surpass the $2,320 resistance zone.
  • The price is now trading well above $2,300 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $2,340 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct lower, but the bulls are likely to remain active near $2,390 and $2,350.

Ethereum Price is Gaining Pace

Ethereum formed a support base above $2,250 and started a fresh increase, outpacing bitcoin. ETH price gained strength and it broke the main $2,300 and $2,320 resistance levels.

The price even surged above the $2,400 level and the 100 hourly simple moving average. It opened the doors for more gains and the price traded as high as $2,450 level. It is now correcting gains from the $2,450 resistance zone. Ether is approaching the 23.6% Fib retracement level of the upward wave from the $2,303 swing low to $2,451 high.

The first major support is near the $2,390 and $2,380 levels. It is near the 50% Fib retracement level of the upward wave from the $2,303 swing low to $2,451 high. There is also a major bullish trend line forming with support near $2,340 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

The next key support is near the $2,280 level and the 100 hourly simple moving average. A clear downside break below the $2,280 support zone could lead the price towards the $2,200 support.

More Gains in ETH?

If ethereum remains stable $2,340, it could continue to rise in the near term. An immediate resistance on the upside is near the $2,450 level.

A clear break and close above $2,450 might start another steady increase. In the stated case, the price could easily rise towards the $2,500 level. The next key resistance is near the $2,550 level, above which the price might test $2,680 in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now correcting lower from the overbought zone.

Major Support Level – $2,340

Major Resistance Level – $2,450

Most Powerful Supplement Available

Related Articles