Ethereum’s ETH is consolidating above the 0.0725BTC zone. The bulls seem to be aiming a strong upward move above the 0.0770BTC resistance.
Ethereum (ETH) Price Remains Supported Vs Bitcoin
In the last ethereum vs bitcoin analysis, we saw possible bullish moves above 0.0650. ETH/BTC remained well bid above the 0.0650 support zone.
After the recent collapse of FTX, there was a sharp decline towards the 0.0650 support. The bulls remained active above the 0.0650 level. A low was formed near 0.0658 and the price started a fresh upward move. There was a move above the 50% Fib retracement level of the downward move from the 0.0792 swing high to 0.0658 low.
The price even moved above the 0.070 resistance zone and the 50-day simple moving average (blue). The price is now facing resistance near the 0.0765 level.
There is also a major bearish trend line with resistance near 0.0770BTC on the daily chart. The trend line is near the 76.4% Fib retracement level of the downward move from the 0.0792 swing high to 0.0658 low.
A clear move above the 0.0765 resistance and the trend line may perhaps start a steady increase. In the stated case, the price may perhaps revisit the 0.0792 high. Any more gains might open the doors for a move towards the 0.0850 zone. Finally, the price could jump and test the 0.095 resistance if the bulls remain in action.
Fresh Decline?
If there is no upside break above 0.077BTC, ether price might correct lower. On the downside, there is a strong support forming near 0.0715 and the 50-day simple moving average (blue).
The main support seems to be forming near the 0.0665 level. If there is a downside break below the 0.0665 support, the price might turn bearish. The next major support could be near the 0.0600 level, below which the price may perhaps decline towards the 0.0585 support area.
Overall, ether price is showing positive signs above the 0.070 support zone versus bitcoin. If the bulls pump the price above the 0.0770 and 0.0792 levels, ETH could gain bullish momentum. Conversely, there might be a fresh decline towards the 0.0715 support zone or even 0.0665.
The post ETH/BTC: Ethereum Price Hesitates Vs Bitcoin But More Gains Seem Likely appeared first on CoinChapter.
