Ethereum price is currently consolidating above the 0.0308BTC support against bitcoin. ETH/BTC could climb higher once buyers push the price above 0.0324BTC.
- Ethereum price is finding a decent support near the 0.0308BTC level.
- ETH/BTC is facing two important bearish trend lines with resistance at 0.0318BTC and 0.0324BTC on the 4-hours chart.
- ETH price must break the 0.0324BTC resistance to start a solid recovery in the near term.
Ethereum price analysis (ETH/BTC)
After trading as low as 0.0303BTC, Ethereum price recovered a few points versus bitcoin. However, ETH to BTC failed to gain momentum above the 0.0320BTC level and later started a consolidating in a range.
The 4-hours chart of ETH/BTC indicates that the recent swing low was at 0.0309BTC before the price started trading in the range below the 50 simple moving average (4-hours).
On the upside, an initial resistance is near 0.0315BTC level and the 50 simple moving average (4-hours). The next resistance is the 23.6% Fibonacci retracement level of the recent slide from the 0.0344BTC high to 0.0309BTC low.
More importantly, there are two important bearish trend lines formed with resistance at 0.0318BTC and 0.0324BTC on the same chart. The second trend line is significant near the 0.0324BTC level. A successful break above the second trend line and the 0.0325BTC level could open the doors for more gains.
The next hurdle for buyers could be 0.0327BTC and the 50% Fibonacci retracement level of the recent slide from the 0.0344BTC high to 0.0309BTC low. The final target for buyers in the mentioned case may be near the 0.0345BTC level.
On the other hand, the 0.0309BTC low is a strong support, below which there is a risk of a fresh decline towards the 0.303BTC low. The main support is near the 0.0300BTC level. If sellers push the price below 0.0300BTC, there could be a sharp slide towards 0.0280BTC.
Overall, as long as Ethereum price is above the 0.0309BTC support, there are high chances of an upside break above the 0.0315BTC and 0.0324BTC resistance levels in the near term.
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