Ethereum Surges 8%, Outperforming Bitcoin in Price Growth

Ethereum has shown significant strength in its price, surpassing Bitcoin with an 8% surge. The price of Ethereum began a steady climb above the $2,550 mark, outperforming Bitcoin and potentially breaking through the $2,750 resistance level.

Key Points:
– Ethereum started a new upward trend above $2,550 and $2,650.
– The price is currently above $2,650 and the 100-hourly Simple Moving Average.
– On the hourly chart of ETH/USD, there is a bullish trend line forming with support at $2,695.
– If Ethereum clears the $2,750 resistance zone, it could see further gains.

The surge in Ethereum’s price saw it rise over 8%, surpassing Bitcoin and breaching the $2,650 resistance level. The price spiked above $2,720, reaching a high of $2,748 before consolidating. A bullish trend line with support at $2,695 is forming on the hourly chart of ETH/USD, near the 23.6% Fib retracement level.

Currently, Ethereum is trading above $2,650 and the 100-hourly Simple Moving Average. Any further increase may face resistance around the $2,720 level. The primary resistance lies at $2,750, a breakthrough of which could propel Ether towards the $2,880 resistance, followed by $2,920. A move above $2,920 might drive the price towards the $3,000 zone.

In case Ethereum fails to surpass the $2,750 resistance, a downside correction could occur. Initial support is near $2,700 and the trend line, followed by a major support level at $2,640 and the 50% Fib retracement level from the recent low to high. A break below $2,640 may lead to a drop towards $2,580 and potentially the $2,520 support level.

Technical indicators show that the MACD for ETH/USD is losing momentum in the bullish zone, while the RSI is above the 50 zone. The major support level is at $2,695, with the major resistance level at $2,750.

In conclusion, Ethereum’s recent price surge has positioned it as a strong performer compared to Bitcoin, with potential for further gains if key resistance levels are breached. Traders are advised to conduct their own research and exercise caution due to the inherent risks associated with cryptocurrency investments.