TA: Why Ethereum (ETH) Could Continue To Outperform Bitcoin

News BTC

Ethereum outperformed bitcoin and rallied above the $2,550 resistance against the US Dollar. ETH price tested $2,700 and it is now correcting gains.

  • Ethereum rallied towards the $2,700 level before it started a downside correction.
  • The price is still trading above $2,500 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $2,450 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to start a fresh increase from $2,500 or $2,450 in the near term.

Ethereum Price is Correcting Gains

Ethereum formed a support base above $2,400 and started a fresh increase, outpacing bitcoin. ETH price gained strength and it broke the main $2,500 and $2,550 resistance levels.

How To Get Free Crypto  

The price even surged above the $2,600 level and the 100 hourly simple moving average. It opened the doors for more gains and the price traded as high as $2,700 level. It is now correcting gains from the $2,700 resistance zone.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

There was a break below the $2,620 and $2,600 support level. A low is formed near $2,508 and the price is now consolidating. Ether is testing the 23.6% Fib retracement level of the recent decline from the $2,700 swing high to $2,508 high.

There is also a major bullish trend line forming with support near $2,450 on the hourly chart of ETH/USD. On the upside, the first key resistance is near the $2,600 level. It is near the 50% Fib retracement level of the recent decline from the $2,700 swing high to $2,508 high.

Get 110 USDT Futures Bonus for FREE!
Source: ETHUSD on TradingView.com

The main resistance is now forming near the $2,630 level. A clear break and close above $2,630 might start another steady increase. In the stated case, the price could easily rise towards the $2,700 level. The next key resistance is near the $2,780 level, above which the price might test $2,880 in the near term.

Coinbase Banner  

More Gains in ETH?

If ethereum fails to continue higher above $2,600, it could extend its decline. An immediate support on the downside is near the $2,510 level.

The first major support is near the $2,500 and $2,480 levels. The next key support is near the $2,450 level and the 100 hourly simple moving average. A clear downside break below the $2,450 support zone could lead the price towards the $2,320 support.

Technical Indicators

Hourly MACD The MACD for ETH/USD is likely to move back into the bullish zone.

Hourly RSI The RSI for ETH/USD is now close to the 50 level.

Major Support Level – $2,500

Major Resistance Level – $2,630

Go to Source
Author: Aayush Jindal


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.