Ethereum price started an upward move from the 0.0270BTC support against bitcoin. ETH/BTC could continue to move higher towards the 0.0380BTC level in the near term.
- Ethereum recovered nicely after forming a base near the 0.0270BTC support.
- There was a break above a crucial bearish trend line with resistance at 0.0316BTC on the 4-hours chart of ETH/BTC.
- ETH price is currently consolidating above 0.0300BTC and it could accelerate above 0.0340BTC.
Ethereum price analysis (ETH/BTC)
There was a positive price action during the past few days in Ethereum price above 0.0300BTC versus bitcoin. ETH to BTC started a correction wave after trading as low as 0.0268BTC and crawled above 0.0320BTC.
The 4-hours chart of ETH/BTC indicates that the price climbed above the 0.0280BTC and 0.0300BTC resistance levels to place itself above the 50 simple moving average (4-hours) and 0.0300BTC.
During the upside move, there was a break above a crucial bearish trend line with resistance at 0.0316BTC on the 4-hours chart of ETH/BTC. The pair traded towards the 0.0350BTC level and formed a high at 0.0348BTC.
Later, the price started a downside correction and moved below the 0.0320BTC support. There was also a break below the 23.6% Fibonacci retracement level of the recent recovery from the 0.0268BTC low to 0.0348BTC high.
However, the downside move was protected by the 0.0310BTC level. Moreover, the 50% Fibonacci retracement level of the recent recovery from the 0.0268BTC low to 0.0348BTC high also acted as a strong support.
At present, it seems like the price is following a declining channel with resistance at 0.0330BTC. A break above the channel resistance will most likely clear the path for buyers to push the price above the 0.0348BTC high.
The next target above the recent high could be the 0.0360BTC level, above which the price may test the 0.0380BTC zone. On the other hand, if there is a downside correction, the price could find support near the 0.0320BTC and 0.0310BTC levels.
Overall, Ethereum price is positioned nicely above 0.0300BTC and ETH/BTC is likely to continue higher towards 0.0360BTC and 0.0380BTC in the near term.
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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