Why ETH Could Rally Before Bitcoin

Compared to the US dollar (1), Ethereum picked up speed and overcame the $1,320 obstacle. ETH is displaying promising traits and may go beyond the $1,400 barrier.

Current situation

Once it surpassed the $1,320 and $1,330 thresholds, Ethereum (2) began to climb steadily. Currently, the price is trading above $1,300 and the 100 hourly simple moving average. On the hourly chart of ETH/USD, a significant bullish trend line is developing, with support close to $1,320. If the pair maintains a price above the pivot point of $1,300, bitcoin may climb ahead of it.

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The price of Ethereum Increases Above $1,265

Ethereum remained well-bid and started to rise steadily. ETH was able to pass through $1,290 and $1,300 to enter the positive territory. The price increased by about 5% and broke through the $1,320 barrier area. Even after rising above $1,350, the price of ether stabilized above the 100 hourly simple moving average. It reached a high of $1,370 and later began to fall downward.

Currently, the price is descending into the $1,340 region. It is near where the upward movement from the $1,252 swing low to the $1,370 high is retracing at a 23.6% Fibonacci percentage. On the hourly chart, a significant bullish trend line is also developing, with support close to $1,320. The upward barrier on the upswing is close to the $1,370 mark. The first significant barrier is close to the $1,390 and $1,400 levels. A convincing breakout to the upside above the $1,400 resistance area might pave the way for a significant gain. In the described scenario, the cost might increase to around $1,500.

Is the ETH Dip Limited?

Ethereum may begin a negative correction if it cannot get over the $1,400 barrier. A preliminary level of downside support is close to $1,340.The next significant support is near the trend line and the $1,320 price point. Near $1,300 serves as the major support. It is close to where the upward movement from the $1,252 swing low to the $1,370 high is retracing 50% of its previous upward movement. A break to the negative below the $1,300 area might trigger a new slide below $1,265.

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