Ethereum price surged higher recently and broke the 0.0380BTC resistance against bitcoin plus moved back above $145.00 versus the US dollar. ETH/BTC is in a major uptrend and it could accelerate above 0.0400BTC.
- Ethereum price is placed well above the 0.0364BTC support level, with a bullish angle.
- ETH/BTC is following a significant bullish trend line with support at 0.0380BTC on the 4-hours chart.
- ETH price is currently correcting lower, but it remains supported near the 0.0380BTC and 0.0370BTC levels.
Ethereum Price Analysis (ETH/BTC)
The past few days were very bullish above the 0.0350BTC support in Ethereum price versus bitcoin and above $135.00 against the US dollar. The recent price action was very positive as ETH to BTC cleared the 0.0380BTC and 0.0388BTC resistance levels.
The 4-hours chart of ETH/BTC indicates that the price climbed above the 0.0390BTC pivot level and the 50 simple moving average (4-hours). The upside move was strong and buyers were successful in clearing the 0.0400BTC resistance level.
The price topped near the 0.0401BTC level and later started a downside correction. It moved below the 0.0400BTC support and it is now approaching the 23.6% Fib retracement level of the last leg from the 0.0314BTC low to 0.0402BTC high.
There are many key supports on the downside near the 0.0380BTC level. More importantly, there is a significant bullish trend line in place with support at 0.0380BTC on the same chart.
If there is a downside break below the trend line, the price may trade towards the 0.0358BTC support area. It represents the 50% Fib retracement level of the last leg from the 0.0314BTC low to 0.0402BTC high.
On the upside, initial resistance is at 0.0400BTC, above which the price may clear the 0.0401BTC swing high and trade to a new weekly high. The next main hurdle for buyers is near the 0.0418BTC and 0.0420BTC resistance levels.
To sum up, ETH/BTC remains in a crucial uptrend above 0.0358BTC and 0.0380BTC, and it could continue to move higher towards 0.0420BTC. Similarly, ETH/USD is placed nicely above $140.00 and it may test $160.00.
Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis and has spent over a decade as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. Tou can follow him on twitter at @aayushJS or reach out to him at aayush[at]coingape.com