The price of Ethereum rallied last week and broke the resistance of 0.0350BTC against bitcoin plus over $ 150.00 compared to the US dollar. ETH / BTC is currently correcting lower and could test 0.0320BTC support.
- The price of Ethereum started a downward correction after passing the resistance of 0.0350BTC.
- ETH / BTC is following a fundamental uptrend line with support at 0.0320BTC on the 4-hour chart.
- The ETH price is now approaching a solid support near 0.0320BTC, where buyers could emerge.
Price analysis of Ethereum (ETH / BTC)
Last week, there was a solid upward move above 0.0350BTC in the price of Ethereum compared to bitcoin and over $ 155.00 compared to the US dollar. The buyers pushed ETH to BTC towards 0.0375BTC, where the sellers protected further disadvantages.
The 4-hour ETH / BTC chart indicates that the price rose close to 0.0376BTC and subsequently started a downward correction. The price fell below the 0.0350BTC support, but is currently well above the 50 simple (4 hours) moving average.
During the recent decline, the price fell below the fiber retracement level of 23.6% of the last wave, from 0.0275 BTC down to 0.0376 BT at the top. However, previous support near the 0.0325BTC and 0.0320BTC levels is likely to act as a solid purchasing zone.
More importantly, there is an uptrend line in place with support at 0.0320BTC. In addition, the fiber retracement level at 50% of the last wave from 0.0275BTC low to 0.0376 BTC is positioned near the 0.0326BTC level to act as a barrier for sellers.
In the event of an interruption below the trendline and 0.0320BTC support, the price may fall further. The next major support is at 0.0295BTC, which is the 76.4% Fib retracement level of the last wave.
On the upside, the initial resistance is close to 0.0340BTC and 0.0350BTC, beyond which the price is likely to revisit the resistance of 0.0375BTC.
Overall, ETH / BTC is currently approaching a major support area near 0.0320BTC, which is likely to produce a new upward move. On the positive side, a thrust above the 0.0375BTC barrier can bring the price to the 0.0400BTC level. Likewise, ETH / USD must remain above $ 120.00 for a rebound to $ 150.00.