Ethereum Rally Seems Unstoppable: Here’s Why Its Different Than Bitcoin

Ethereum price rallied another 12% and surged above the $ 270 level against the US Dollar. ETH traded to a new 2020 high at $ 275 and it is likely to test $ 288 and $ 300 in the near term.

  • Ethereum extended its rise above the key $ 260 and $ 270 resistance levels against the US Dollar.
  • The bulls remain in charge and it seems like the price could soon hit $ 292 and $ 300.
  • There is a major bullish trend line forming with support near $ 268 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin price is lacking momentum, suggesting higher volatility and liquidity for Ether.

Ethereum Price Could Test $ 300

Recently, we saw a strong rise in Ethereum above the $ 240 and $ 250 resistance levels against the US Dollar. ETH even settled above the $ 250 level and the 100 hourly simple moving average.

Later, there was a consolidation phase above the $ 250 level for a few hours before a fresh increase. The price rallied another 12% and broke many key hurdles near the $ 260 and $ 265 levels.

Ethereum bulls had the upper hand and outpaced bitcoin. Moreover, there was a crucial break visible on the ETH/BTC chart, calling for a convincing uptrend above $ 250.

Finally, the price traded above the $ 270 level and formed a new 2020 high near $ 275. It is currently in a solid uptrend, with an initial support near the $ 270 level. Besides, there is a major bullish trend line forming with support near $ 268 on the hourly chart of ETH/USD.

Ethereum Price

Ethereum Price

The 23.6% Fib retracement level of the recent rally from the $ 252 low to $ 275 high is also near $ 270 to provide support. On the upside, the $ 275 level is an initial resistance. The first key resistance is near the $ 288 level.

If Ethereum climbs above the $ 288 level, there are high chances of it testing the $ 300 level in the near term.

Downsides Limited

If the price corrects lower, the trend line and $ 270 level might provide support. If there are more downsides, the next support is seen near the $ 264 level.

The 50% Fib retracement level of the recent rally from the $ 252 low to $ 275 high is at $ 264 to act as a major support. Overall, Ethereum remains well supported for more gains above the $ 275 and $ 280 levels in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is still in the bullish zone, with positive signs.

Hourly RSIThe RSI for ETH/USD is currently moving to and fro above the 70 level.

Major Support Level – $ 268

Major Resistance Level – $ 275

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Analysis – NewsBTC

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