TA: Why Ethereum (ETH) Could Continue To Outperform Bitcoin
02 Agosto 2021 - 2:08AM
NEWSBTC
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. 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. 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. 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. 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
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