- Ethereum (ETH) hourly charts against Bitcoin signals a bullish move in the coming days.
- The ETH/BTC pair forming a golden cross on the hourly MACD chart with bulls in consolidation.
- Is 0.025 BTC a possibility for Ether in the near term?
Over the past six weeks, Ethereum (ETH) has been one of the best performers across top altcoins as the crypto market experienced a concentration of bullish momentum following Bitcoin’s soar to $10,100 USD earlier in the week. ETH is currently trading at $221.00 USD on BitFinex, representing a 1.7% drawback in the last 24 hours.
Despite the dripping value in dollar terms, ETH is gaining satoshi-value as the bulls lie in a consolidation phase as the price bounced off the resistance level at 0.023150 BTC to currently trade at 0.022695 BTC.
there is rejection at resistance, and there is consolidation at resistance
guess which one is bullish pic.twitter.com/h0oubB9Aug
— Trend Trader (by Dario Dunskus) (@DarioDunskus) February 11, 2020
Notwithstanding, ETH/BTC technical indicators on the short term charts signals a possible bullish momentum in the coming days.
ETH/BTC forms MA golden cross on hourly charts
Looking at the ETH/BTC hourly charts, a clear bullish pattern can be derived as price seems to consolidate in the resistance area signaling potential to break out above the key 0.023200 BTC resistance level in the near term. The moving average has formed a golden gross with the 50-day MA crossing the 100-day MA signaling a possible boost in the coming days.
Moreover, the moving average convergence is also narrowing to forma golden cross with the Elliot Wave Oscillator turning green as volumes increase. A close above the resistance level will effectively usher in a buy in pressure of ETH, and a target to 0.025 BTC will look very likely.
Can ETH/BTC breach the 0.025 psychological resistance?
Bulls are setting a possible target of 0.025 BTC for ETH as the second largest cryptocurrency awaits the launch of the first phase of its ETH 2.0 upgrade, possibly slated for July this year. As mentioned above a cross above resistance at 0.023200, signals an uptrend in the near term.
ethusd chart alone has respected s/r levels nicely in my experience.
Also, ethbtc was weak in 2019 H1 when btc pumped but it has showed strength this time around. Ethusd was leading this recent crypto rally.
— Mohit Sorout 📈 (@singhsoro) February 11, 2020
The Bollinger Bands (BB) provide near term resistance with the upper band engulfing price at 0.022717 BTC. Can bulls buying pressure lead the price to 0.025 BTC before the end of February?
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.