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Ethereum’s impressive rally has left analysts stunned, as it beats Bitcoin in a blowout run. The world’s second-largest cryptocurrency by market capitalization has broken several key resistances and is now confronted with a crucial price wall.
The recent surge above $2,750 resistance zone has fueled the Ethereum (ETH) bulls’ confidence. ETH climbed above the $2,880 and $3,000 resistance levels, indicating that the bearish momentum has been completely wiped out. The smart contract platform’s native cryptocurrency even managed to rise above the 61.8% Fibonacci retracement level of the downward move from the $4,107 swing high to the $1,384 low.
The daily chart shows Ethereum’s price consolidating gains below a key barrier at $3,465. This obstacle may prove difficult for bulls to overcome, as it marks a crucial resistance area. However, with the price showing positive signs above the $3,200 level and the 50-day simple moving average, the outlook is still optimistic.
In the past two days, ETH outperformed Bitcoin with more than 10% gains. The crypto community is eager to see if this momentum will continue as it approaches the aforementioned barrier.
Source: coinchapter.com
