Ethereum is starting to move further higher, after slumping between November 2021 and February 2022, with a series of higher lows underpinning the move higher. Get your market update from nickcawley1 here:
to the lower boundary of an important zone of resistance built from a cluster of previous swing lows. This zone, between $3,050 and $3,410, will likely take time to break fully and may see Ethereum trade sideways to slightly higher over the coming weeks in a ‘two steps forward, one step back’ pattern. If Ethereum breaks out of this zone to the topside, the multi-month series of lower highs will have been broken convincingly, adding further positive momentum to the move.
The ETH/BTC spread also highlights Ethereum’s return to favor. The second-largest coin by market cap is currently outperforming Bitcoin with the spread bouncing off a prior horizontal low around 0.0645. This rebound, and the break of the previous downtrend, look to be consolidating before a potential move back to the February 3 spike high at 0.07512. The 50-day sma again acts as first-line support. A long way to go before the December 9 high is threatened, but a target nonetheless.
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