The price of Ethereum is consolidating below the resistance of 0.0316BTC compared to bitcoin. ETH / BTC is likely to make the next big move above 0.0316BTC or below 0.0308BTC.
- The price of Ethereum is currently trading above the 0.0308BTC support level.
- ETH / BTC is struggling to overcome two bearish trend lines with resistance near 0.0316BTC on the 4-hour chart.
- The ETH price could increase further if buyers push the price above the resistance of 0.0316BTC.
Price analysis of Ethereum (ETH / BTC)
In recent days, the price of Ethereum has been trading in a narrow range above the 0.0308BTC support compared to bitcoin. However, ETH at BTC seems to be preparing for the next main move above 0.0316BTC or below 0.0308BTC.
4 hours graphic of ETH / BTC indicates that the price has tested the 0.0308BTC level on many occasions and has recovered higher. It has moved above the fiber retracement level of 23.6% of the last slide from 0.0346BTC up to 0.0303BTC below.
However, the price failed to gain momentum above the 0.0315BTC and 0.0316BTC levels. It is currently trading below the 0.0313BTC level and the 50 simple (4 hours) moving average.
On the positive side, there are two fundamental bearish trend lines formed with resistance close to 0.0316BTC on the same chart. If there is an upside break above these trend lines, the price could test the resistance of 0.0320BTC.
Finally, a successful close above the 0.0320BTC resistance is likely to open the doors for a larger upward movement above the 0.0350BTC level. The downside, if the price can not overcome the resistance 0.0316BTC, there is the risk of a bearish break below the 0.0308BTC support.
If sellers gain momentum below the 0.0308BTC support, there is the risk of further declines towards the 0.0300BTC support. That said, considering the current price action, it will not be easy for sellers to push the price below the 0.0300BTC support zone.
Overall, the price of Ethereum is being prepared for the next significant break above 0.0316BTC or below 0.0308BTC. The chances of an upside break are very high, but requires a convincing close above the resistance levels 0.0316BTC and 0.0320BTC.