Ethical price maintained above the 0.0300BTC level against bitcoin. ETH / BTC could trade higher in the short term towards 0.0370BTC.
- Ethereum is holding important support at 0.0320BTC and 0.0300BTC.
- There is a key contracting triangle with resistance at 0.0345BTC on the 4-hour chart of ETH / BTC.
- ETH price is likely to be higher at the 0.0360BTC and 0.0370BTC levels in the near term.
Ethereum price analysis [ETH/BTC]
After trading above the 0.0370BTC level, Ethereum price started at downside correction versus bitcoin. ETH to BTC declined below the 0.0350BTC and 0.330BTC levels before buyers appeared near 0.0320BTC.
The 4-hours chart of ETH / BTC states that the price is as low as 0.0319BTC and settled below the 50 simple moving average (4-hours). It is currently trading on 0.0320BTC.
The price is trading above the 23.6% Fibonacci retracement level of the recent decline from the 0.0376BTC high to 0.0319BTC low. On the upside, there is a strong resistance formed near the 0.0340BTC level and the 50 simple moving average (4-hours).
More importantly, there is a key contracting triangle with resistance at 0.0345BTC on the 4-hour chart of ETH / BTC. Above the triangle resistance, the 50% Fibonacci retracement level of the recent decline from the 0.0376BTC high to 0.0319BTC low is at 0.0347BTC.
0.0347BTC, there could be an upward motion towards the last swing high at 0.0376BTC. Above this, the price may perhaps test the 0.0400BTC resistance.
If the sellers succeed in clearing the triangle and the 0.0320BTC support, the price could slide sharply towards the 0.0310BTC and 0.0300BTC levels.
The current price is positive, but buyers need to gain momentum above the 0.0340BTC level and the 50 SMA to push the price further higher. If not, there is a risk of a downside break towards the 0.0300BTC support.
Are positive to higher than RSI is moving north and the current candle formations are positive above 0.0320BTC and the triangle support.