The price rally of Ethereum could accelerate the Vs Bitcoin

The price of Ethereum rose higher recently and broke the resistance of 0.0380BTC against the more bitcoin moved above $ 145.00 compared to the US dollar. ETH / BTC is in an important uptrend and could accelerate over 0.0400BTC.

Important points:

• The price of Ethereum is positioned well above the 0.0364BTC support level, with a bullish angle.
• ETH / BTC is following a significant uptrend line with support at 0.0380BTC on the 4-hour chart.
• The ETH price is currently correcting lower, but remains supported near the 0.0380BTC and 0.0370BTC levels.

Price analysis of Ethereum (ETH / BTC)

The last few days have been very bullish compared to the support of 0.0350BTC in the price of Ethereum compared to bitcoin and over $ 135.00 compared to the US dollar. The recent price action was very positive as ETH at BTC eliminated resistance levels of 0.0380BTC and 0.0388BTC.

The 4-hour ETH / BTC chart shows that the price has risen above the 0.0390BTC rotation level and the simple moving average 50 (4 hours). The upward move was strong and buyers were successful in clarifying the 0.0400BTC resistance level.

The price rose near the 0.0401BTC level and subsequently started a downward correction. It has moved below the 0.0400BTC support and is now approaching the fiber retracement level of 23.6% of the last leg from 0.0314BTC down to 0.0402BTC in height.

There are many key supports on the negative side near the 0.0380BTC level. More importantly, there is a significant uptrend line in place with support at 0.0380BTC on the same chart.

If there is a bearish break below the trend line, the price can be traded towards the 0.0358BTC support area. Represents the fiber retracement level at 50% of the last leg from 0.0314BTC down to 0.0402BTC at the top.

On the upside, the initial resistance is at 0.0400BTC, above which the price can zero the swing of 0.0401BTC and exchange the new weekly maximum. The next major obstacle for buyers is close to resistance levels 0.0418BTC and 0.0420BTC.

To summarize, ETH / BTC remains in a crucial upward trend above 0.0358BTC and 0.0380BTC, and could continue to move higher towards 0.0420BTC. Similarly, ETH / USD is positioned well above $ 140.00 and could test $ 160.00.