Ethereum price started a strong upward move from the 0.0300 support against bitcoin. ETH to BTC is currently gaining pace and it could continue higher towards the 0.0330BTC level.
Key Talking Points
- Ethereum price is currently placed nicely above the 0.0300 and 0.0315 supports against bitcoin.
- There was a break above a major bearish trend line with resistance at 0.0315BTC on the 4-hours chart of the ETH/BTC pair (data feed from Poloniex).
- The pair is currently trading near 0.0320BTC and it remains supported for more gains in the near term.
Ethereum Price Chart Analysis
Recently, there was a strong rally in Ethereum above 0.0305 and 0.0310 against bitcoin. ETH to BTC gained bullish momentum and broke many important resistances near 0.0315BTC. It even gained pace against the USD, similar to EOS, ripple, litecoin and bitcoin cash.
Looking at the chart, the price formed a strong support base near the 0.0300BTC level. As a result, there was a fresh increase above the 0.0310BTC resistance level and the 100 simple moving average (4-hours).
During the rise, the price broke the 61.8% Fib retracement level of the last decline from the 0.0320BTC high to 0.0300BTC swing low. Moreover, there was a break above a major bearish trend line with resistance at 0.0315BTC on the 4-hours chart of the ETH/BTC pair.
The pair is now trading nicely above the 0.0315BTC and it recently tested the last swing high near 0.0320BTC. At the moment, the price is consolidating gains near 0.0320BTC.
On the downside, an initial support is near the 0.0315BTC level or near the broken trend line. If there are more losses, the price could test the 0.0310BTC support area.
Conversely, if there is an upside break above 0.0320BTC and 0.0322BTC, the price could accelerate higher towards the 0.0330BTC level.
An intermediate resistance for Ethereum price is near 0.0325BTC or the 1.236 Fib extension level of the last decline from the 0.0320BTC high to 0.0300BTC swing low. Overall, ETH is trading with a positive bias above 0.0315 and it could continue higher towards 0.0330BTC.
The market data is provided by TradingView.
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