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.
Notwithstanding, ETH/BTC technical indicators on the short term charts signals a possible bullish momentum in the coming days.
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.
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.
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?
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