TA: Ethereum Outperforms Bitcoin, Why ETH Could Rally To New ATH

Aayush Jindal

1 year ago

2 mins read

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Ethereum started a fresh increase above $4,175 against the US Dollar. ETH could gain pace if there is a clear break above $4,300 in the near term.

Ethereum was able to climb above the $4,175 and $4,200 resistance levels.
The price is now trading above $4,200 and the 100 hourly simple moving average.
There is a major rising channel forming with support near $4,175 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend its increase if it clears the $4,300 and $4,320 resistance levels.

Ethereum Price Could Rise Further

Ethereum started a fresh increase after it settled above the $4,050 level. ETH was able to clear the $4,750 resistance zone and the 100 hourly simple moving average.

Ether price even traded above the $4,250 resistance zone. A high was formed near $4,313 and the price is now consolidating gains. It traded below the $4,300 level. An immediate support is near the $4,260 level. The stated level is near the 23.6% Fib retracement level of the upward wave from the $4,091 swing low to $4,313 high.

There is also a major rising channel forming with support near $4,175 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $4,300 level.

Source: ETHUSD on TradingView.com

The next major resistance is near the $4,320 level, above which the price might start a fresh rally. In the stated case, the price might rise towards the $4,400 level. Any more gains could lead the price towards the $4,550 level.

Dips Supported in ETH?

If ethereum fails to continue higher above the $4,300 and $4,320 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $4,260 level.

The first major support is near the $4,200 level. It is close to the 50% Fib retracement level of the upward wave from the $4,091 swing low to $4,313 high. The main support is near $4,175 and the channel trend line. Any more downsides could lead the price towards the $4,050 support. The next major support for the bulls is near the $4,000 level.

Technical Indicators

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

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

Major Support Level – $4,175

Major Resistance Level – $4,320

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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