TA: Ethereum Outperforms Bitcoin, Why Bulls Could Aim $2,500 or Higher

TA: Ethereum Outperforms Bitcoin, Why Bulls Could Aim $2,500 or Higher:

(NewsBTC)

Ethereum extended its rally to a new all-time high near $2,450 against the US Dollar. ETH price is now consolidating gains, with high chances of more gains above the $2,450 level.

• Ethereum traded above $2,400 and topped near the $2,450 level.
• The price is now trading well above $2,400 and the 100 hourly simple moving average.
• There is a major bullish trend line forming with support near $2,370 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair is likely to continue higher towards the $2,480 and $2,500 levels in the near term.

Ethereum Price Is Holding Gains

Ethereum remains in a positive zone above the $2,300 level. ETH extended its rally above the $2,400 level, outperforming bitcoin in the short-term.

It traded to a new all-time high near the $2,450 level and settled well above the 100 hourly simple moving average. It is now correcting gains and trading just below $2,420. There was a test of the 23.6% Fib retracement level of the upward move from the $2,293 swing low to $2,450 high.

Source: ETHUSD on TradingView.com

On the downside, there is a key support forming near the $2,400 level. The next major support is near the $2,375 level. There is also a major bullish trend line forming with support near $2,370 on the hourly chart of ETH/USD.

The trend line is close to the 50% Fib retracement level of the upward move from the $2,293 swing low to $2,450 high. On the upside, the $2,450 level is a major resistance zone. A successful close above the $2,450 level is likely to set the pace for a move towards the $2,500 level.

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