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Ethereum Uppercuts Bitcoin

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Ethereum Uppercuts Bitcoin

Ethereum has been an outperformer this week in the crypto space, after breaking out of a bullish wedge. Week to date, Ethereum (ETH) has rallied over 17 whilst a tailgating Ripple (XRP) is hot on its heels, both of which have left Bitcoin (BTC) for dust which traders -0.3% lower. Yesterday it was announced that Aztec, a company focussed on privacy-centric tools, has begun a 30-day ignition ceremony to roll out its workaround for “private transactions” on ETH, which appears to have helped it break above 203.95 resistance.

With the bullish wedge now in play, bulls could target the $240 high at the base of the wedge.

  • A break above 217.33 assumes a run for the 240 high, although traders could look to buy dips above 203.95 support.
  • RSI is currently overbought and a bearish pinbar has appeared to warn of near-term exhaustion. However, given the strength of daily RSI, prices might consolidate or provide a relatively shallow retracement before breaking higher.
  • Ultimately, the four-hour trend remains bullish above 188.83, so bulls could look for a higher low to materialise before considering buying any dips.

 

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