Bulls continue to dominate the market as Ethereum (ETH) outperforms Bitcoin (BTC) with a 2.26% increase, according to CoinMarketCap. The hourly chart shows ETH trading in a tight range, with attention on the daily closure. A breakout above the $1,418 mark could signal a rise towards the $1,430 zone. However, on the daily time frame, ETH is still consolidating within yesterday’s candle, indicating a need for more accumulation before a significant move.
The current outlook suggests sideways trading between $1,400-$1,430 in the short term as Ethereum gathers momentum for a potential upward surge. The price is approaching a key support level at $1,352, with resistance seen at $1,503. If buyers manage to break through these levels, further gains could be on the horizon. Ethereum is currently priced at $1,415, with bulls keeping a firm grip on the market sentiment.
In summary, Ethereum remains in a position of strength compared to Bitcoin as it continues to climb higher. The resistance level at $1,418 is crucial for a potential breakout towards $1,430, while support at $1,352 acts as a key level to watch. Sideways trading between $1,400-$1,430 is likely in the short term, with a potential move towards $1,503 if buyers maintain control. Overall, bulls are more powerful than bears at the moment, as Ethereum shows signs of further upside potential. Investors should monitor key levels and price action closely for potential trading opportunities.
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