- Ethereum’s price has embarked on a fresh upward trajectory from the $3,365 mark.
- Trading currently above $3,550, Ethereum surpasses Bitcoin’s performance, suggesting a potential rise towards the $3,800 resistance.
- A significant break above a critical bearish trend line highlights the momentum ETH has gained.
Ethereum is making headlines with its impressive recovery and exceptional performance against Bitcoin, potentially targeting the $3,800 resistance. Stay updated with the latest price movements and market insights.
Ethereum Price Outperforms Bitcoin
Ethereum’s price recently found a foothold below the $3,550 and $3,500 resistance levels. However, a strong support near $3,365 initiated a reversal. The crypto asset marked its low at $3,364 before starting a robust ascent, outshining Bitcoin.
The surge included surpassing the $3,450 and $3,550 resistance thresholds. A notable breakout above a key bearish trend line with a resistance close to $3,550 on the ETH/USD hourly chart followed. This rally brought the price above $3,600, peaking at the $3,650 resistance point.
At its highest, Ethereum reached $3,649 before experiencing a minor correction below $3,620. The price dipped under the $3,600 support level and retraced 23.6% of its upward movement from the $3,364 low to the $3,649 high.
Currently, Ethereum trades above $3,550 and the 100-hourly Simple Moving Average. A resurgence might see initial resistance around the $3,620 level.
The primary resistance stands at $3,650. An upward breach of this barrier could propel the price further. The next significant resistance is located at $3,720, upon crossing which ETH might gain stronger momentum towards the $3,800 target.
Breaching the $3,800 level could potentially drive Ether towards the $3,880 resistance. Continuous upward movement may also target the $3,950 resistance area.
Are Dips Limited In ETH?
If Ethereum struggles to surpass the $3,620 resistance, a downward move remains probable. Initial support is expected around the $3,550 mark. Key support lies at $3,500, aligned with the 50% Fib retracement level of the upswing from $3,364 low to $3,649 high.
A definitive move below the $3,500 support might drive ETH towards $3,420. Further declines could bring the price back to the $3,365 level.
Technical Indicators: Hourly MACD – The MACD for ETH/USD is gradually losing momentum in positive territory.
Hourly RSI – The RSI for ETH/USD currently hovers near the 50 mark.
Major Support Level – $3,550
Major Resistance Level – $3,650
Conclusion
In summary, Ethereum’s recent price movements have reinforced its competitive edge over Bitcoin, with strong support initiating a promising upward path. As traders keep an eye on the $3,620 and $3,650 resistance levels, potential breakthroughs could mark significant price ascents. Investors should stay vigilant on these pivotal points for strategic positioning.
