Ethereum Can Outperform BTC If It Rallies Above $1500

Ethereum can outperform BTC in the near-term if it is able to rally above $1500 while the coin remains in a range above $1300 support against the US Dollar. ETH’s price is likely to gain momentum above the $1400 resistance level in the near-term as w can see in our latest Ethereum news.

The ETH price traded as high as $1438 and before it is able to correct lower against the US dollar, the price started consolidating above the $1320 support level and the 100 simple moving average. There’s a key bullish trend line forming with the support close to $1295 on the 4-hour charts of the pair. The pair could speed up higher if it breaches the $1400 and the $1430 resistance levels.

Over the past week, BTC and ETH saw a steady increase above the $1300 and the $35,000 level against the US dollar respectively. BTC lost its small gains while ETH remained well bid above the $1300 support zone. The recent high was formed close to the $1438 before the price corrected lower with a break below the $1380 support level. ETH traded below the 23.6% fib retracement level from the upward movement at $1207 swing low to the $1438 high. The price consolidated above the $1320 support level and the 100 simple moving average but there was also a key bullish trend line forming with the support near the $1295 on the 4-hour charts of the pair. The trend line is close to the 50% fib retracement level from the upwards move at the $1207 swing low to the $1438 high.

Ethereum can outperform BTC as the price is trying to surpass the $1430 levels, with the successful break above could open the doors for a sharper increase in the upcoming sessions. The price could even a range above the  $1500 resistance zone. If ETH fails to clear $1430 as a resistance level, it could start a downside correction with the first key support on the downside nearing the $1300 trend line. Having a downside break below the trend line support could call for a test a range above 60 support level and the 100 simple moving average while more losses could lead the price to 00 support zone.
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The 4-hour MACD for the pair is losing momentum in the bullish zone while the 4-hour RSI is well above the 50 level. The first major support level is set at $1300 while the major resistance level is set at $1430.