Ethereum Outperforms Bitcoin ahead of its Network Upgrade

Ethereum Outperforms Bitcoin ahead of its Network Upgrade

On Tuesday, Ethereum outperformed Bitcoin ahead of an upgrade expected to make its network faster and more scalable. 

Overall, Ether soared 1000.00% in the past 12-months, surpassing Bitcoin’s 380.00% hike.

As of writing, the world’s second-largest cryptocurrency surged 2.10% to $4,214.73, with a 24-hour change of  $85.23. 

Additionally, it stands with a market capitalization of $495.01 billion. Consequently, it holds a 24-hour volume of $876.52 million with $4,108.00. 

Earlier, the ETH began a fresh increase from the $4,000.00 support zone. It surpassed the $4,120.00 resistance and the 100 hourly simple moving average.

Consequently, the virtual currency crossed above the $4,200.00 resistance, whereas a high formed beside the $4,253.00. 

Currently, the Ethereum price corrects lower. In addition, immediate support is near the $4,180.00 level

It also sat near the 23.60% Fibonacci retracement level of the upward motion from the $3,965.00 low to $4,253.00 high.

On the hourly chart, a bullish trend line was established along with the $4,180.00.

On the upside, there is an immediate resistance along with the $4,240.00 level.

The subsequent major resistance is near the $4,260.00 level, whereas a significant price gain could start a new rally.

In line with this, Ethereum could rally towards the $4,320.00 and even push the price to the $4,500.00 level

However, it could face a fresh downside correction if it failed to hike against the $4,240.00 and $4,260.00 resistance levels. 

Then, the initial support on the downside is close to the $4,180.00 level and the trendline. 

Cryptocurrencies Mixed as Ethereum Gained

Conversely, Bitcoin plummeted 0.20% to $62,649.29 with a market capitalization of $1.18 trillion and a 24-hour volume of $1.07 billion.

Meanwhile, Litecoin rose 0.76% or $195.58. It has a market capitalization of $13.46 billion and a 24-hour volume of $56.25 million.

Then, Cardano extended 0.93% to $2.11 with a market capitalization of $68.30 billion and a 24-hour volume of $218.10 million.

At the same time, Ethereum Classic widened 0.05% to $55.74. It has a market capitalization of $7.29 billion and a 24-hour volume of $16.06 million.

Likewise, Polkadot improved 0.04% to $43.74 with a market capitalization of $48.35 billion and a 24-hour volume of $1.13 billion.

Furthermore, Ripple’s XRP advanced 2.48% or $1.12 with a market capitalization of $111.80 billion and a 24-hour volume of $3.95 billion.