The price of Ethereum started a solid upward move above the resistance of 0.0318BTC against bitcoin. ETH / BTC is currently correcting lower, but the dives remain supported near 0.0325BTC.
- The price of Ethereum broke a crucial resistance near 0.0318BTC to move into a bullish zone.
- ETH / BTC remains supported on dips near 0.0325BTC and a bullish trend line on the 4-hour chart.
- The ETH price is likely to recover sooner or later beyond the resistance of 0.0340BTC.
Price analysis of Ethereum (ETH / BTC)
Ultimately, we discussed a crucial resistance near 0.0316BTC and 0.0318BTC in the price of Ethereum compared to bitcoin. There was a nice upward move recently and ETH at BTC broke both resistances and then 0.0320BTC to move into a bullish zone.
4 hours graphic of ETH / BTC indicates that the price formed a solid support close to 0.0310BTC and subsequently started a bullish wave. The price stabilized above the resistance levels 0.0318BTC and 0.0320BTC plus the moving average at 50 simple (4 hours).
The upside break was convincing as the price exceeded 0.0330BTC and 0.0340BTC. A new monthly high was formed at 0.0340BTC before the price started a downward correction.
The sellers have recently pushed the price below 0.0335BTC and the fiber retracement level of 23.6% of the last increase from the minimum of 0.0309BTC to that of 0.0340BTC. However, there are many media on the negative side above the 0.0320BTC level.
An initial support is at 0.0328BTC, below which the price could test the 0.0325BTC support and the Fib retracement level 50% of the last increase from 0.0309BTC low to 0.0340BTC high.
Furthermore, there is also an uptrend line with support at 0.0322BTC on the same chart. Therefore, if the pair continues to correct lower, it will most likely find a strong buying interest near the 0.0325BTC and 0.0322BTC levels.
Once the current correction wave is completed, it is likely that the price of Ethereum will resume its displacement above the 0.0340BTC level. The main obstacle for buyers above the 0.0340BTC level is near the 0.0350BTC area. Overall, the current market sentiment is positive and both ETH / USD and ETH / BTC remain supported for further gains.