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Ethereum Trails Bitcoin, But Bullish Momentum Gains Strength

Ethereum Trails Bitcoin, But Bullish Momentum Gains Strength
The price of Ethereum has started to rise and is aiming for further gains above the resistance level of $2,420. It formed a base near $2,280 and cleared the resistance levels of $2,320 and $2,350. However, Ethereum struggled to match the strength of Bitcoin's price increase. The price is now trading above $2,350 and the 100-hourly Simple Moving Average, with a bullish trend line forming at $2,310. It faces hurdles near the $2,420 level and the next major resistance is at $2,450, followed by $2,550. Breaking above $2,550 could lead to further gains towards the $2,650 and $2,720 levels. If Ethereum fails to clear the $2,420 resistance, it could decline and find support at $2,365, $2,310, and $2,280. The technical indicators show bullish momentum with the MACD in the bullish zone and the RSI above 50. The major support level is $2,310 and the major resistance level is $2,420.

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