TA: Ethereum Outperforms Bitcoin, Why ETH Could Rally To New ATH

Ethereum started a fresh increase above $4,175 against the US Dollar. ETH could gain pace if there is a clear break above $4,300 in the near term. Ethereum was able to climb above the $4,175 and $4,200 resistance levels. The price is now trading above $4,200 and the 100 hourly simple moving average. There is a major rising channel forming with support near $4,175 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend its increase if it clears the $4,300 and $4,320 resistance levels. Ethereum Price Could Rise Further Ethereum started a fresh increase after it settled above the $4,050 level. ETH was able to clear the $4,750 resistance zone and the 100 hourly simple moving average. Ether price even traded above the $4,250 resistance zone. A high was formed near $4,313 and the price is now consolidating gains. It traded below the $4,300 level. An immediate support is near the $4,260 level. The stated level is near the 23.6% Fib retracement level of the upward wave from the $4,091 swing low to $4,313 high. There is also a major rising channel forming with support near $4,175 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $4,300 level. Source: ETHUSD on TradingView.com The next major resistance is near the $4,320 level, above which the price might start a fresh rally. In the stated case, the price might rise towards the $4,400 level. Any more gains could lead the price towards...