Ethereum is generating even better profits than Bitcoin, as its price has risen almost 100% in a matter of 20 days, and the behavior tells us that it could go quite higher in the near future.
At the time of this writing ETH is trading at $ 3,163.57, accumulating a gain of 7.25% in the last 24 hours.
It is clear that the latest rise in this cryptocurrency is being thanks to the widespread positivism caused by the gains of BTC; however, the various functionalities offered by the ETH chain can add even more fuel to your bull rally.
The great boom of NFTs and decentralized applications (DeFi), would be the main promoters of positivism in the Ethereum market, and that can undoubtedly take it higher in terms of price.
The great problem currently with this network is how congested it is, and consequently the high costs per transaction.
However, the short-term outlook is changing, thanks to the recent London hard fork that seeks to finish turning Ethereum into a proof-of-stake validated network in the future, and the integration of the EIP-1559 enhancement that seeks to reduce the price. average fees, in addition to contributing to the deflation of the cryptocurrency.
There is a possibility that Ethereum will outperform Bitcoin in the short term, percentage-wise; Well, as we see on the ETH / BTC chart, now the uptrend may be being resumed.
Fundamentals point in only one direction, now let’s see what the price charts tell us.
Ethereum price technical analysis, and forecast of possible future behavior
On the ETH daily timeframe, the outlook is quite positive, thanks to the continued break of resistance, and the formation of higher and higher lows.
Yesterday the price seems to have finished a pullback, testing the support at $ 2,884.
Now a short-term boost may be in the works, which could easily push Ethereum’s price to $ 3,375 in the near future. Higher up there will be no further resistance until the supply zone left by the all-time high.
New all-time highs are just around the corner
On the weekly Ethereum price timeframe, the outlook is even more encouraging for the future.
After breaking through the resistance at $ 2,884, on this chart we see that there is no further resistance until the zone left by the all-time high.
In addition, we must bear in mind that the recent upward jump is signifying the resumption of a much larger uptrend, and that it could take the price much higher, thanks to the strength it has been showing during the current year.
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