Ethereum price finally found support near the 0.0245 level against bitcoin, and rebounded nicely. ETH to BTC likely started a decent uptrend above 0.0300BTC and it could even hit 0.0380BTC.
Key Talking Points
- Ethereum price started a strong upward move after trading as low as 0.0245 against bitcoin.
- There was a break above a major bearish trend line with resistance at 0.0288 on the 4-hours chart of the ETH/BTC pair (data feed from Poloniex).
- The pair is surging higher and it could soon break the 0.0330BTC and 0.0350BTC resistances.
Ethereum Price Chart Analysis
In the past three days, there was a strong rally in bitcoin, litecoin, Ethereum, EOS, bitcoin cash, ripple, and others against the US Dollar. More importantly, ETH to BTC also started a decent recovery after trading as low as 0.0245BTC.
Looking at the chart, the price gained bullish momentum after it broke the 0.0278BTC resistance and the 100 simple moving average (4-hours). There was a proper close above the 0.0280BTC level to start a decent uptrend.
More importantly, there was a break above a major bearish trend line with resistance at 0.0288 on the 4-hours chart of the ETH/BTC pair. The pair even cleared the 76.4% Fib retracement level of the last decline from the 0.0314BTC high to 0.0245BTC low.
It opened the doors for more gains and the price rallied above the 0.0314BTC swing high. It is now approaching the next resistance near the 0.03305BTC.
Besides, the price is likely to test the 1.236 Fib extension level of the last decline from the 0.0314BTC high to 0.0245BTC low at 0.03307BTC. If there are further gains, the price is likely to surge towards the 0.0350BTC resistance.
The next stop could be 0.0370BTC or the 1.618 Fib extension level of the last decline from the 0.0314BTC high to 0.0245BTC low. Conversely, if there is a downside correction in Ethereum price, the 0.0314BTC level is likely to act as a support in the near term.
The overall price action is very positive and suggests more gains in ETH to BTC above the 0.0330BTC and 0.0350BTC levels in the coming sessions.
The market data is provided by TradingView.
