Ethereum outperformed bitcoin and rallied above the $2,550 resistance against the US Dollar. ETH price tested $2,700 and it is now correcting gains.
- Ethereum rallied towards the $2,700 level before it started a downside correction.
- The price is still trading above $2,500 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $2,450 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to start a fresh increase from $2,500 or $2,450 in the near term.
Ethereum Price is Correcting Gains
Ethereum formed a support base above $2,400 and started a fresh increase, outpacing bitcoin. ETH price gained strength and it broke the main $2,500 and $2,550 resistance levels.
The price even surged above the $2,600 level and the 100 hourly simple moving average. It opened the doors for more gains