Ether outguns BTC as it extends on technical upside break

Following on from an earlier update on the progress of Bitcoin, it was noted that Ethereum (ETHUSD) had performed well over the same period too. In fact, Ether has really outgunned its main rival. Yesterday, the second largest coin extended the upside break above its 50 day moving average. That was in place 3,077 (now at 3,065) and the move lifted to as high as 3,150 ahead of the wider US market close. It then shot higher again at the start of the Asian session today, reaching a new high on the week at 3,198. It has backed down from there since and that looks mostly due to profit taking after what has been a good gain already this week. The other reason for that might also be technical. The rise to 3,198 also once again stalled around an important retracement level that remains in place at 3,194. If Ether can make a sustained move above this price point, then that might reopen a path to the next important technical level. That is in place at 3,513. Immediate supports should now be found at 3,065 and 3,000 ETHUSD is currently trading at 3,139