Ethereum market update: ETH/USD breaks away from Bitcoin pushing new 2019 highs

The largest altcoin by market capitalization Ethereum has been accused of its connection to Bitcoin price action in the recent past. However, this might not be the case at the time of writing as ETH is seen extending the gains to a new 2019 high at the time when Bitcoin surge has stalled under $12,700 after retracing from its new 2019 high at $12,946.

Ethereum is exchanging hands at $346 amid a building bullish momentum. The bulls have eyes on $350 because trading past this level will definitely cast the focus on $400. The current push by the bulls is supported by the applied technical indicators.

For instance, the Relative Strength Index (RSI) re-entrance into the overbought is a clear indicator of a stronger bullish moment. Besides, for most of the trading in June, the RSI has stayed above the average on the 4-hour chart.

The Moving Average Convergence (MACD) is moving high at +10.58. The increasing divergence further strengthens the upward trend. In addition, the moving average gap suggests continued control by the bulls. In terms of support, $320 is a key area while $300 will come in handy in case of extended declines.

ETH/USD 4-h chart