Ethereum Approaches $4,100

Ethereum finds itself approaching $4,100 fairly quickly today. The $4,150 area is a previous area of resistance that has proven to be strong. With that being said, BTC is leading the market with its movement to a new ATH. On Ethereum’s four hour candle chart, the momentum is looking like it’s ready to continue its treck upwards. The MFI also looks like its preparing to continue its growth trend.

On the fundamental side of things Ethereum is preparing to have a scaling update go mainnet. The update should act as a short-term bandaid for Ethereum’s massive issue with gas fees, or transaction fees.

These factors are further supported by the fact that the Ethereum ratio to BTC has found longer term support and may be looking to start an uptrend.