Ethereum outperforms bitcoin (BTC), in terms of monthly market performance. At this rate, Ether (ETH) could see more upside. What are the next goals?
ETH shows good monthly performance
The second crypto by market capitalization is currently showing a 14.2% rise for the month of April. It thus surpasses the crypto queen, which is only at a monthly performance of +3.5%. This rise has allowed Ether (ETH) to break through several hurdles. At the time of writing, this crypto is trading around $2025, slightly above the psychological $2000 level. This rise could continue as investors try to find a digital haven in the face of global economic turbulence. So there is a good chance that the scales will tip towards the demand side for ETH crypto.
Despite downside speculation after the Shanghai upgrade, Ethereum has seen an explosive rise since then. Indeed, selling pressures due to token withdrawals seem to have no effect on the value of ether (ETH). There are currently over 1 million ETH withdrawn as ETH hits its highest level since August 2022. If this rise continues, ETH may reach the next hurdle at $2400. This is half of the range (between the high and the low) of the year 2022. If the bull-run persists, we could see ETH at $3000 in some time. If this crypto makes a monthly close in the red, we could envisage a correction towards $1600.
More upside for Ether (ETH)
The short-term price structure remains bullish for this cryptocurrency. Thus, one could consider further upside towards the next major hurdles. The next target could be the resistance around $2400. This is the fib level 50% of the range for the past year. Thus, this level could potentially sustain the price of Ether (ETH). In this case, a buy position towards this objective is possible.
If the price breaks through the $1822 support, it will be a strong correction signal. But for now, Ether (ETH) remains bullish. Additionally, bitcoin (BTC) has shown a major long-term trend change.
Admission: $2,000;
Stop: $1895;
Goal 1: $2400;
Goal 2: $3,000.
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