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Ethereum On The Rise and Outperforms Bitcoin: Signals Indicate Fresh Increase

17 June 2024
in Analysis
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Ethereum worth began a recent enhance from the $3,365 zone. ETH outperformed Bitcoin and may intention for a transfer towards the $3,800 resistance zone.

Ethereum began a restoration after the bulls appeared close to the $3,365 zone.
The worth is buying and selling above $3,550 and the 100-hourly Easy Shifting Common.
There was a break above a key bearish development line with resistance close to $3,550 on the hourly chart of ETH/USD (information feed by way of Kraken).
The pair might prolong good points if it stays above the $3,550 pivot stage.

Ethereum Value Outperforms Bitcoin

Ethereum worth prolonged losses beneath $3,550 and $3,500 resistance ranges. Nevertheless, ETH bulls took a powerful stand close to the $3,350 zone. A low was shaped at $3,364 stage and the worth began a recent enhance, outperforming Bitcoin.

There was a transfer above the $3,450 and $3,550 resistance ranges. There was a break above a key bearish development line with resistance close to $3,550 on the hourly chart of ETH/USD. The pair even climbed above the $3,600 stage and examined the $3,650 resistance.

A excessive was shaped at $3,649 earlier than there was a pullback beneath $3,620. The worth declined beneath the $3,600 help stage and the 23.6% Fib retracement stage of the upward transfer from the $3,364 swing low to the $3,649 excessive.

Ethereum is now buying and selling above $3,550 and the 100-hourly Easy Shifting Common. If there’s a recent enhance, the worth may face resistance close to the $3,620 stage.

The primary main resistance is close to the $3,650 stage. An upside break above the $3,650 resistance may ship the worth increased. The subsequent key resistance sits at $3,720, above which the worth may achieve traction and rise towards the $3,800 stage.

Supply: ETHUSD on TradingView.com

A transparent transfer above the $3,800 stage may ship Ether towards the $3,880 resistance. Any extra good points might ship Ether towards the $3,950 resistance zone.

Are Dips Restricted In ETH?

If Ethereum fails to clear the $3,620 resistance, it might proceed to maneuver down. Preliminary help on the draw back is close to $3,550. The primary main help is at $3,500 and the 50% Fib retracement stage of the upward transfer from the $3,364 swing low to the $3,649 excessive.

A transparent transfer beneath the $3,500 help may push the worth towards $3,420. Any extra losses may ship the worth towards the $3,365 stage within the close to time period.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is shedding momentum within the bullish zone.

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

Main Help Stage – $3,550

Main Resistance Stage – $3,650



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Tags: BitcoinEthereumFreshIncreaseOutperformsRISESignals
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