Ethereum Outperforms Bitcoin: Jumps Amid Market Divergence

Aayush Jindal

1 year ago

2 mins read

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Ethereum price started a fresh increase from the $3,350 support zone. ETH is outperforming Bitcoin and might rise further toward the $3,650 resistance.

Ethereum is gaining pace from the key $3,365 support zone.
The price is trading above $3,450 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance near $3,460 on the hourly chart of ETH/USD (data feed via Kraken).
The pair formed a double-bottom pattern and gained pace above the $3,500 resistance.

Ethereum Price Holds Key Support

Ethereum price remained well-bid above the $3,350 support zone. ETH formed a base and started a fresh increase after it formed a double-bottom pattern near $3,350, as discussed yesterday.

It outperformed Bitcoin and broke the $3,450 resistance. There was a clear move above the 50% Fib retracement level of the downward move from the $3,650 swing high to the $3,350 low. Besides, there was a break above a key bearish trend line with resistance near $3,460 on the hourly chart of ETH/USD.

Ethereum is now trading above $3,450 and the 100-hourly Simple Moving Average. It is also showing positive signs for more gains above the $3,535 level. On the upside, the price might face resistance near the $3,580 level or the 76.4% Fib retracement level of the downward move from the $3,650 swing high to the $3,350 low.

The first major resistance is near the $3,650 level. An upside break above the $3,650 resistance might send the price higher. The next key resistance sits at $3,720, above which the price might gain traction and rise toward the $3,750 level.

Ethereum Price — Source: ETHUSD on TradingView.com

A clear move above the $3,750 level might send Ether toward the $3,880 resistance. Any more gains could send Ether toward the $4,000 resistance zone in the coming days.

Another Decline In ETH?

If Ethereum fails to clear the $3,580 resistance, it could start another decline. Initial support on the downside is near $3,500. The first major support is $3,450.

A clear move below the $3,450 support might push the price toward $3,350. Any more losses might send the price toward the $3,220 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,450

Major Resistance Level – $3,580

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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