Ethereum

Bitcoin

Resistance

Divergence

Ethereum price started a fresh increase from the $3,350 support zone. ETH is outperforming Bitcoin and might rise further toward the $3,650 resistance. 
<ul> 
 <li>Ethereum is gaining pace from the key $3,365 support zone.</li> 
 <li>The price is trading above $3,450 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above a key bearish trend line with resistance near $3,460 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair formed a double-bottom pattern and gained pace above the $3,500 resistance.</li> 
</ul> 
<h2 id="ethereum-price-holds-key-support">Ethereum Price Holds Key Support</h2> 
Ethereum price remained well-bid above the $3,350 support zone. ETH formed a base and started a fresh increase after it formed a double-bottom pattern near $3,350, as discussed yesterday. 
It outperformed <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-risk-66k/" target="_blank" rel="noopener ">Bitcoin</a> and broke the $3,450 resistance. There was a clear move above the 50% Fib retracement level of the downward move from the $3,650 swing high to the $3,350 low. Besides, there was a break above a key bearish trend line with resistance near $3,460 on the hourly chart of ETH/USD. 
Ethereum is now trading above $3,450 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-support-3350/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. It is also showing positive signs for more gains above the $3,535 level. On the upside, the price might face resistance near the $3,580 level or the 76.4% Fib retracement level of the downward move from the $3,650 swing high to the $3,350 low. 
The first major resistance is near the $3,650 level. An upside break above the $3,650 resistance might send the price higher. The next key resistance sits at $3,720, above which the price might gain traction and rise toward the $3,750 level. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_2608a1.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-625345 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_2608a1.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_2608a1.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_2608a1.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_2608a1.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_2608a1.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_2608a1.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_2608a1.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_2608a1.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
A clear move above the $3,750 level might send Ether toward the $3,880 resistance. Any more gains could send Ether toward the $4,000 resistance zone in the coming days. 
<h2 id="another-decline-in-eth">Another Decline In ETH?</h2> 
If Ethereum fails to clear the $3,580 resistance, it could start another decline. Initial support on the downside is near $3,500. The first major support is $3,450. 
A clear move below the $3,450 support might push the price toward $3,350. Any more losses might send the price toward the $3,220 level in the near term. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. 
Hourly RSI – The RSI for ETH/USD is now above the 50 zone. 
Major Support Level – $3,450 
Major Resistance Level – $3,580

Ethereum Outperforms Bitcoin: Jumps Amid Market Divergence

Table of Contents

NewsBTC

Other articles published on Jun 19, 2024

MoonBag to Succeed like Pepe? Analysts Predict $1 Evaluation for MBAG Coins in 2025

Chainlink Rises More Than 5% In 24 hours

Best 3 Altcoins: TOP Gainers Today

zkSync price prediction: from airdrop hype to 39% plunge – what’s next for ZK tokens?

Ethereum Back Above $3500: Expert Predictions and Insights

Investors Flock to MoonBag’s Top Crypto Presale in 2024, Leaving BitBot, BlastUP in the Dust

Join our free newsletter for daily crypto updates!