Ethereum price analysis: ETH/USD extends gains to new 2019 highs – Investors ask for more

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  • Bitcoin is still the best performing cryptocurrency among the top twenty having pushed the limits towards $13,000.
  • Ethereum has been forming a higher low pattern above the rising trend line.

Ethereum is following in the footsteps of Bitcoin by correcting to new yearly highs around $336.81. However, Bitcoin is still the best performing cryptocurrency among the top twenty having pushed the limits towards $13,000 and forming a new 2019 high around $12,946.

ETH/USD trading pair is up 4.8% on the day even after correction from the intraday high to the current $330. Since the lows reached in June around $226, the largest altcoin has been forming a higher low pattern above the rising trend line.

The 4-hour chart shows a bullish momentum that still has the potential to break barriers towards $400. Meanwhile, the bulls must clear the resistance at $336 (swing high) and step above $340; a move that could revive the trend towards $350 and bring $400 in sight.

The 50 Simple Moving Average (SMA) 4-h increasing gap above the longer term 100 SMA 4-h suggest a stronger bullish influence. Similarly, the Relative Strength Index (RSI) has stay above the average since June 10, besides trending sideways at 70 indicates that the bulls have the grip.

On the downside, support is initially formed around $300 aided by the 61.8% Fib level taken between the last drop from a high of $336.81 to a low of $227.64 which is forming a confluence with the 50 SMA 15-mins.

ETH/USD 15-mins chart

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