Ethereum (ETH) Price Analysis: ETH Outperforms Bitcoin (BTC), Surges to New All-Time Highs

Ethereum, the second-largest cryptocurrency globally, is significantly outperforming Bitcoin. In the last trading session, Ethereum's price surged to a high of $2,800.

The price of Ethereum (CRYPTO: ETH) is known to be volatile, and it has displayed some significant price action in recent times. The world’s second-largest cryptocurrency has seen a strong recovery in March, capitalising on the weakness in Bitcoin (CRYPTO: BTC).

As the cryptocurrency markets lurch into another round of volatility, here is a look at some key technical levels and trends to watch in the coming sessions. All charts used in this analysis are on the 15-minute time frame.

What Happened: Ethereum traded higher and touched a high of $2,800 in the last trading session. The price is pulling back slightly from those highs. Still, Ethereum has recovered around 50% in the month to date as it trades at a lower price point from the previous lows.

At the time of writing, the coin is changing hands at $2,780.00. It has seen a 24-hour volume of $31,260,486,645.00.

The price of Ethereum is down 1.6% in the past 24 hours. It has seen a strong recovery in March, capitalising on the weakness in Bitcoin. The world’s second-largest cryptocurrency is now testing the key resistance levels.

A Top Chart To Watch: Ethereum has been trading higher as the price tested the $2.5k level and bounced to trade towards the key $2.8k level in the recent trading session, indicating strong bullish momentum towards new highs.

Currently, Ethereum is trading at $2,780. If the price fails to trade higher, then it could trigger a move lower towards the next support levels at $2,753 and $2,656. A breakdown from the $2,586 level could signal a deeper correction, potentially pushing Ethereum even lower in the near term.

On the upside, Ethereum faces resistance at $2,800. If it manages to break this, the next resistance levels to watch are $2,836 and $2,971. A break above these levels could open the door to a more significant bullish move, with the price likely continuing upward.

If the cryptocurrency price manages to break above the resistance levels, then we can expect a stronger bullish trend in the coming trading sessions. However, if the coin fails to break out from these resistance levels, then we may see a bearish trend towards the key support levels.

Traders should keep an eye on these key support and resistance levels when deciding to enter long or short positions based on the price movement from these critical levels. Additionally, combining moving averages can help provide more accurate entry and exit points.