TA: Ethereum Show Positive Signs, Why ETH Could Outperform Bitcoin

Ethereum remained stable above $4,050 against the US Dollar. ETH could gain bullish momentum once it clears the $4,325 and $4,350 resistance levels. Ethereum is showing a few positive signs above the $4,200 level. The price is now trading above $4,200 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $4,205 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend gains if there is a clear break above the $4,350 resistance zone. Ethereum Price Is Recovering Ethereum remained strong above the $4,050 support level, unlike bitcoin. ETH price formed a base and started a steady recovery wave above the $4,120 resistance zone. There was a clear break above the $4,200 resistance zone and the 100 hourly simple moving average. Besides, there was a break above a major bearish trend line with resistance near $4,205 on the hourly chart of ETH/USD. The pair climbed higher above the $4,300 resistance zone and formed a high near $4,386. It is now correcting gains below the $4,300 level. There was a break below the 23.6% Fib retracement level of the upward move from the $4,026 swing low to $4,386 high. Source: ETHUSD on TradingView.com Ether price is now trading above $4,200 and the 100 hourly simple moving average. An initial resistance on the upside is near the $4,300 level. The first major resistance is near the $4,350 level. A close above the $4,300 and $4,3...