Ethereum Poised to Equal Bitcoin’s Power and Rally? Positive Signals Emerge

Ethereum is on the rise, showing strength and potential to match Bitcoin’s performance. The price of Ethereum has seen a positive trend, starting from a support level of $3,080. As it recovers, it is likely to target the $3,500 resistance level.

Key indicators suggest a promising outlook for Ethereum. It has displayed positive signals from the $3,150 pivot point and is currently trading above $3,250 along with the 100-hourly Simple Moving Average. A significant development was the breach of a crucial bearish trend line with resistance at $3,280 on the hourly ETH/USD chart provided by Kraken, signaling a potential upward movement if it maintains above the $3,280 support level.

The Ethereum price formed a base above the $3,080 support, with a recent low at $3,087. The price surged above the $3,220 resistance but lacked the same momentum as Bitcoin. Breaking the 50% Fib retracement level of the downward move from $3,540 to $3,087 was a positive move for Ethereum, setting the stage for further gains.

Currently, Ethereum is trading above $3,250 and the 100-hourly Simple Moving Average. If the upward momentum continues, the price may encounter resistance around the $3,375 level or the 61.8% Fib retracement level. The next major resistance levels are anticipated near $3,400, $3,450, and $3,500, with a potential breakthrough leading towards the $3,720 resistance zone in the near future.

In case Ethereum faces challenges and fails to surpass the $3,400 resistance level, a downside correction could occur. Initial support is expected around $3,280, followed by a major support level near $3,250. Further declines might push the price towards $3,120 and potentially the $3,080 support level, with the next crucial support at $3,050.

Technical indicators for Ethereum are encouraging, with the MACD gaining bullish momentum and the RSI above the 50 zone. The current major support level stands at $3,250, while the major resistance level is at $3,400.

In conclusion, Ethereum’s recent performance and indicators suggest a positive outlook, with the potential to match and even surpass Bitcoin’s strength in the near future. Investors and traders are closely monitoring these developments to capitalize on the market opportunities presented by Ethereum’s upward trajectory.