Ethereum price formed solid support near 0.0257BTC and recovered against bitcoin plus jumped above $100.00 versus the US dollar. ETH/BTC is currently trading above 0.0265BTC and it could recover further.
- Ethereum price finally made an upside move and broke the 0.0265BTC and 0.0270BTC resistances.
- ETH/BTC surpassed a major bearish trend line with resistance at 0.0270BTC on the 4-hours chart.
- ETH price trader towards the 0.0285BTC resistance and later corrected lower.
Ethereum Price Analysis (ETH/BTC)
During the past few days, there was a solid upward move in Ethereum price above the 0.0270BTC resistance versus bitcoin and above $100.00 against the US dollar. Buyers even pushed ETH to BTC above the 0.0275BTC resistance level to start an upward move.
The 4-hours chart of ETH/BTC indicates that the price consolidated above the 0.0255BTC support for a few sessions and later climbed higher. It traded above the 0.0260BTC and then settled above the 0.0265BTC resistance and the 50 simple moving average (4-hours).
During the climb, the price moved above a major bearish trend line with resistance at 0.0270BTC on the same chart. It even spiked above 0.0280BTC and tested the 0.0283BTC resistance zone.
Later, the price corrected lower and moved below the 50% Fib retracement level of the last wave from the 0.0257BTC low to 0.0283BTC high. However, the broken trend line is acting as solid support near the 0.0268BTC level.
Moreover, the 61.8% Fib retracement level of the last wave from the 0.0257BTC low to 0.0283BTC high is at 0.0267BTC to prevent declines. The current price action is positive and as long as the price is above 0.0265BTC, it could climb back above 0.0275BTC in the near term.
On the upside, initial resistance is at 0.0275BTC, above which the price could recover towards the 0.0283BTC swing high. Finally, a push above the 0.0283BTC and 0.0285BTC resistance levels may trigger a solid upward move towards 0.0300BTC.
Overall, ETH/BTC may slowly recover towards 0.0285BTC and 0.0300BTC in the near term. Similarly, ETH/USD could extend the current rebound towards the $125.00 and $130.00 levels.
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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