Ethereum price is holding the 0.046BTC support against bitcoin. ETH/BTC has to break 0.052BTC to retest 0.056BTC in the near term.
Key Talking Points
- Ethereum price started a decent upside move recently and moved above the 0.045BTC support against the bitcoin.
- There is a short-term bearish trend line forming with resistance at 0.052BTC on the hourly chart of the ETH/BTC pair (data feed from Poloniex).
- The pair has to break 0.052BTC to move toward 0.056BTC or higher.
Ethereum Price Chart Analysis
Finally, there were gains in Ethereum price recently as it moved above 0.055BTC against bitcoin. Later, the price corrected lower and traded towards the 0.046BTC support area where buyers protected further declines.
There were 2-3 attempts to break 0.046BTC, but ETH held ground and started moving higher. It has moved above the 50% Fibonacci retracement level of the last decline from the 0.0542BTC high to 0.0464BTC low.
However, there is a short-term bearish trend line forming with resistance at 0.052BTC on the hourly chart of the ETH/BTC pair. The same trend line resistance is acting as a hurdle for more gains toward 0.056BTC.
The 61.8% Fibonacci retracement level of the last decline from the 0.0542BTC high to 0.0464BTC low is also near 0.0510BTC and preventing gains.
A successful close above the trend line resistance at 0.052BTC is needed for further upsides. The next target could be 0.056BTC. An intermediate resistance would be 0.054BTC, which is the last swing high.
If the price fails to move above 0.052BTC, there can be another downside wave. However, the 0.046BTC support is a crucial buy zone. It might once again prevent declines toward 0.040BTC. The hourly MACD of ETH/BTC is showing positive signs, but the pair has to move past the 0.052BTC sell wall.
To sum up, the current price action is positive with support at 0.046BTC. There were gains in ETH/USD recently, which means the overall market sentiment is favoring a push above 0.052BTC in the near term.
Trade safe traders and do not overtrade!