[ad_1]
The price of Ethereum has formed a solid support near 0.0257BTC and recovered compared to bitcoin plus rose above $ 100.00 against the US dollar. ETH / BTC is currently trading above 0.0265BTC and could recover further.
Important points:
- The price of Ethereum finally made an upward move and broke the 0.0265BTC and 0.0270BTC resistors.
- ETH / BTC surpassed an important bearish trend line with resistance at 0.0270BTC on the 4-hour chart.
- ETH price trader towards resistance 0.0285BTC and subsequently corrected lower.
Price analysis of Ethereum (ETH / BTC)
During the past few days, there was a strong upward push in the price of Ethereum above the resistance of 0.0270BTC compared to bitcoin and over $ 100.00 compared to the US dollar. Buyers even pushed ETH to BTC above the 0.0275BTC resistance level to start a move up.
The 4-hour ETH / BTC chart indicates that the price has consolidated above the 0.0255BTC support for some sessions and subsequently climbed higher. It was exchanged above 0.0260BTC and was then stabilized above the resistance of 0.0265BTC and the moving average at 50 simple (4 hours).
During the climb, the price has moved above an important bearish trend line with resistance at 0.0270BTC on the same chart. It also reached 0.0280BTC and tested the resistance zone 0.0283BTC.
Subsequently, the price was corrected lower and moved below the fiber retracement level of 50% of the last wave, from 0.0257BTC down to 0.0283 BT up. However, the broken trend line acts as a solid support near the 0.0268BTC level.
Moreover, the fiber retracement level 61.8% of the last wave from the minimum value 0.0257BTC to 0.0283 BT is equal to 0.0267BTC to avoid declines. The current price action is positive and as long as the price is above 0.0265 BTC, it could rise above 0.0275 BT in the short term.
On the upside, the initial resistance is 0.0275 BTc, beyond which the price could recover towards the swing of 0.0283 BTT. Finally, a thrust above the resistance levels 0.0283BTC and 0.0285BTC can trigger a solid upward movement towards 0.0300BTC.
Overall, ETH / BTC could slowly recover towards 0.0285BTC and 0.0300BTC in the short term. Likewise, the ETH / USD could extend the current rebound to levels of $ 125.00 and $ 130.00.
Summary
Item name
ETH / BTC Analysis Dec 20: Price Ethereum Processed Buy Vs Bitcoin
Description
The price of Ethereum has formed a solid support near 0.0257BTC and recovered compared to bitcoin plus rose above $ 100.00 against the US dollar. ETH / BTC is currently trading above 0.0265BTC and could recover further.
Author
Aayush Jindal
Publisher name
coingape
Publisher logo
Source link
