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