Ethereum Continues its Uptrend and Establishes Higher Lows

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Ethereum is continuing its uptrend as it establishes higher lows.

Following BTC’s uptrend from most of this week, ETH is also seeing its own uptrend. It found itself testing $3,400 and was rejected on Wednesday. It has dipped down to hold above $3,200 after its rejection. The MFI has trended into neutral territory after testing overbought territory on Wednesday. The MACD is currently looking as if it could prepare to swing upward if this momentum continues. It should be noted that it would not be surprising to find ETH struggling with resistance between $3,400 to about $3,600.

The overall cryptocurrency market is currently around $2.05 trillion. BTC and ETH dominance have dipped slightly, to 39.7% and 19.1% respectively. Altcoins continue to dominate much of the movement being seen into the end of the week.

The ETH to BTC ratio has turned former resistance into support on the daily chart, looking as if ETH could be preparing to outpace BTC once more, or we could see some sideways movement as well. It should be noted that this range has historical resistance that has not been seen since 2018, so it’s not surprising from a technical standpoint that ETH is struggling a bit here.