Ethereum price to outpace Bitcoin price as ETH jumps over key hurdle where BTC fumbles
- Ethereum price breaks back above $1,800 on Friday in the ASIA PAC session.
- ETH signals a bullish outlook with the RSI showing spare room to head higher.
- Should ETH bulls cross above the green ascending trendline, expect to see a jump to $1,875.
Ethereum (ETH) price is working on its recovery after it dipped to a two-week low on Thursday. While Bitcoin price has failed to make a similar move and head back above $26,500, Ethereum is outpacing Bitcoin and has been able to push above $1,800. One hurdle is in the way now. The green ascending trendline must be overtaken again by bulls before heading to $1,875.
Ethereum price ultimately on trajectory to $1,930
Ethereum price slid below the green supportive trendline and made a two-week low on Thursday with nearly every crypto or altcoin component printing red numbers. Meanwhile, this Friday a small turnaround is noticeable, but not for everyone. Bitcoin price is still in the red, unable to jump above its recovery point, while Ethereum price has already advanced beyond that point at $1,800 and is primed to head higher.
ETH will need to cross back above the green ascending trendline in order to get that continuation going. Once that has happened, expect to see further follow-through higher that heads toward $1,875 near the 55-day Simple Moving Average (SMA). The Relative Strength Index (RSI) has ample room to do that and might even see a brief test at $1,930 in case bulls overshoot the profit target.
ETH/USD 4H-chart
Risk to the downside is coming from a possible rejection against that same ascending trendline. In case that holds as resistance, a firm rejection could send ETH back to $1,765 and flirt with a deeper loss. If that level breaks, a leg lower to $1,740 would print a new monthly low.
Author
Filip Lagaart
FXStreet
Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.
