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Ethereum Price Defies The Trend—Beating Bitcoin in Recent Gains

Ethereum Price Defies The Trend—Beating Bitcoin in Recent Gains

Ethereum Price Defies The Trend

Ethereum Price Defies The Trend

Ethereum price is showing positive signs above the $2,650 zone. ETH is outshining Bitcoin and might start another increase in the near term.

Ethereum Price Regains Traction

Ethereum price attempted a fresh increase above the $2,700 level, beating Bitcoin. ETH broke the $2,750 resistance but it failed to clear the $2,850 resistance zone.

A high was formed at $2,847 and the price started a fresh decline. There was a move below the $2,750 and $2,720 support levels. A low was formed at $2,689 and the price is now consolidating gains. There was a move above the 23.6% Fib retracement level of the recent decline from the $2,847 swing high to the $2,689 low.

Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2,700 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $2,750 level. The first major resistance is near the $2,765 level or the 50% Fib retracement level of the recent decline from the $2,847 swing high to the $2,689 low. The main resistance is now forming near $2,800 or $2,820.

Ethereum Price
Source: ETHUSD on TradingView.com

A clear move above the $2,820 resistance might send the price toward the $2,850 resistance. An upside break above the $2,850 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,000 resistance zone or even $3,050 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $2,750 resistance, it could start another decline. Initial support on the downside is near the $2,700 level. The first major support sits near the $2,680 zone.

A clear move below the $2,680 support might push the price toward the $2,620 support. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,700

Major Resistance Level – $2,750

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