Ethereum (ETH) Outpaces Bitcoin, Why Bulls Aim Larger Increase

coinedict

Ethereum is up over 5% and it broke the $2,400 resistance against the US Dollar. ETH price outpaced bitcoin and it seems like there are chances of more gains above $2,450.

Ethereum started a fresh increase and it managed to surpass the $2,320 resistance zone.
The price is now trading well above $2,300 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $2,340 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could correct lower, but the bulls are likely to remain active near $2,390 and $2,350.

Ethereum Price is Gaining Pace
Ethereum formed a support base above $2,250 and started a fresh increase, outpacing bitcoin. ETH price gained strength and it broke the main $2,300 and $2,320 resistance levels.
The price even surged above the $2,400 level and the 100 hourly simple moving average. It opened the doors for more gains and the price traded as high as $2,450 level. It is now correcting gains from the $2,450 resistance zone. Ether is approaching the 23.6% Fib retracement level of the upward wave from the $2,303 swing low to $2,451 high.
The first major support is near the $2,390 and $2,380 levels. It is near the 50% Fib retracement level of the upward wave from the $2,303 swing low to $2,451 high. There is also a major bullish trend line forming with support near $2,340 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
The next key support is near the $2,280 level and the 100 hourly simple moving average. A clear downside break below the $2,280 support zone could lead the price towards the $2,200 support.
More Gains in ETH?
If ethereum remains stable $2,340, it could continue to rise in the near term. An immediate resistance on the upside is near the $2,450 level.
A clear break and close above $2,450 might start another steady increase. In the stated case, the price could easily rise towards the $2,500 level. The next key resistance is near the $2,550 level, above which the price might test $2,680 in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now correcting lower from the overbought zone.
Major Support Level – $2,340
Major Resistance Level – $2,450

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leo-token
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bitget-token
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litecoin
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pepe
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hyperliquid
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wrapped-eeth
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near
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ethena-usde
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usds
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internet-computer
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aptos
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aave
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mantle
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render-token
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polygon-ecosystem-token
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crypto-com-chain
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ethereum-classic
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mantra-dao
MANTRA (OM) $ 3.95
vechain
VeChain (VET) $ 0.045327
bittensor
Bittensor (TAO) $ 442.59
monero
Monero (XMR) $ 193.18
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.34
dai
Dai (DAI) $ 1.00
tokenize-xchange
Tokenize Xchange (TKX) $ 42.39
virtual-protocol
Virtuals Protocol (VIRTUAL) $ 3.20
filecoin
Filecoin (FIL) $ 5.13
bitcoin
Bitcoin (BTC) $ 94,097.21
ethereum
Ethereum (ETH) $ 3,271.32
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.30
bnb
BNB (BNB) $ 692.56
solana
Solana (SOL) $ 190.71
dogecoin
Dogecoin (DOGE) $ 0.331723
usd-coin
USDC (USDC) $ 1.00
cardano
Cardano (ADA) $ 0.944319
staked-ether
Lido Staked Ether (STETH) $ 3,270.01
tron
TRON (TRX) $ 0.241512
avalanche-2
Avalanche (AVAX) $ 37.29
sui
Sui (SUI) $ 5.06
wrapped-steth
Wrapped stETH (WSTETH) $ 3,884.92
the-open-network
Toncoin (TON) $ 5.24
chainlink
Chainlink (LINK) $ 20.12
shiba-inu
Shiba Inu (SHIB) $ 0.000022
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 94,024.19
stellar
Stellar (XLM) $ 0.399781
hedera-hashgraph
Hedera (HBAR) $ 0.278191
polkadot
Polkadot (DOT) $ 6.67
weth
WETH (WETH) $ 3,272.28
bitcoin-cash
Bitcoin Cash (BCH) $ 431.43
leo-token
LEO Token (LEO) $ 9.05
uniswap
Uniswap (UNI) $ 13.35
bitget-token
Bitget Token (BGB) $ 6.57
litecoin
Litecoin (LTC) $ 104.33
pepe
Pepe (PEPE) $ 0.000018
hyperliquid
Hyperliquid (HYPE) $ 21.87
wrapped-eeth
Wrapped eETH (WEETH) $ 3,456.62
near
NEAR Protocol (NEAR) $ 5.10
ethena-usde
Ethena USDe (USDE) $ 0.998165
usds
USDS (USDS) $ 1.00
internet-computer
Internet Computer (ICP) $ 10.53
aptos
Aptos (APT) $ 8.87
aave
Aave (AAVE) $ 293.68
mantle
Mantle (MNT) $ 1.18
render-token
Render (RENDER) $ 7.47
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.456602
crypto-com-chain
Cronos (CRO) $ 0.140520
ethereum-classic
Ethereum Classic (ETC) $ 25.36
mantra-dao
MANTRA (OM) $ 3.95
vechain
VeChain (VET) $ 0.045327
bittensor
Bittensor (TAO) $ 442.59
monero
Monero (XMR) $ 193.18
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.34
dai
Dai (DAI) $ 1.00
tokenize-xchange
Tokenize Xchange (TKX) $ 42.39
virtual-protocol
Virtuals Protocol (VIRTUAL) $ 3.20
filecoin
Filecoin (FIL) $ 5.13