Ethereum Price Analysis

Ethereum Price (ETH) Could Gain Momentum Versus Bitcoin (BTC)

Ethereum Price Chart Analysis ETH

Ethereum price formed a solid support near the 0.0336BTC level against bitcoin. ETH/BTC is moving higher and it could accelerate above the 0.0346BTC in the near term.

Key Talking Points

  • Ethereum price is trading with a positive bias above the 0.0340BTC and 0.0336BTC supports against bitcoin.
  • There was a break above a major bearish trend line with resistance at 0.0341BTC on the 4-hours chart of the ETH/BTC pair (data feed from Poloniex).
  • The pair formed a solid support base near the 0.0336BTC level and before climbing higher.

Ethereum Price Chart Analysis

In the last week, there were bearish moves in Ethereum price below the 0.0350BTC and 0.0345BTC support levels. ETH even broke the 0.0340BTC support level and tested the next key support near the 0.0336BTC level.

Ethereum Price Chart Analysis ETH

Looking at the chart, the price tested the 0.0336BTC level on a few occasions, but sellers failed to gain bearish momentum. Finally, the price started a solid upward move and traded above the 0.0340BTC resistance level.

There was also a break above a major bearish trend line with resistance at 0.0341BTC on the 4-hours chart of the ETH/BTC pair. The pair surpassed the 23.6% Fib retracement level of the recent decline from the 0.0357BTC high to 0.0336BTC low.

Besides, there was a close above the 0.0340BTC level and the 100 simple moving average (4-hours). The next key resistance is near the 0.0347BTC level. It coincides with the 50% Fib retracement level of the recent decline from the 0.0357BTC high to 0.0336BTC low.

Once there is a close above the 0.0347BTC resistance, there are high chances of more gains above the 0.0350BTC resistance. The next stop for buyers could be near the 0.0352BTC, where sellers might take a stand.

Overall, Ethereum price trading with a positive bias above the 0.0340BTC support and the 100 simple moving average (4-hours). ETH buyers are likely to remain in action versus bitcoin and there are high chances of more gains above the 0.0345BTC and 0.0347BTC resistance levels in the coming sessions. On the flip side, a break below the 0.0340BTC support might push the price back towards 0.0336BTC level.

 The market data is provided by TradingView.

Aayush Jindal
About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: [email protected]
Related posts
Ethereum Price Analysis

Ethereum Price (ETH) Could Surge Above 0.0340 Versus Bitcoin (BTC)

Ethereum Price Analysis

Ethereum Price (ETH) Could Extend Decline Versus Bitcoin (BTC)

Ethereum Price Analysis

Ethereum Price (ETH) Could Underperform Versus Bitcoin (BTC)

Ethereum NewsEthereum Price Analysis

Vitalik Buterin: High Ethereum (ETH) Prices are Good For Development

Leave a Reply