TA: Why Ethereum (ETH) Could Continue To Outperform Bitcoin

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	378,545,821,830	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

378,545,821,830

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	22.55	0.72%	3,162.13	3,162.23	3,162.62

Price Change

Price Change %

Current Price

Bid Price

Offer

22.55

0.72%

3,162.13

3,162.23

3,162.62

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,171.28	3,071.79	3,139.67	3,139.58	1,520.85 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,171.28

3,071.79

3,139.67

3,139.58

1,520.85 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	16:51:41	1.11	3,162.13	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

16:51:41

1.11

3,162.13

USD

Price x Volume	Volume	Base Symbol	Related Pairs
225,480,783.81	72,125.39	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

225,480,783.81

72,125.39

TA: Why Ethereum (ETH) Could Continue To Outperform Bitcoin

02/08/2021 6:08am

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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ETHUSD Ethereum