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Ether Price Nearing Break Vs BTC?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price is making a nice attempt to trade higher Vs BTC, but facing a hurdle in the form of 100 simple moving average (1-hour chart of ETH/BTC).

Key Highlights

Ethereum price managed to trade a few points higher during the past 24 hours against Bitcoin and currently trading near a major resistance area.
There is a major triangle pattern forming on the 7-day chart of ETH/BTC, which may ignite the next move in ETH.

ETH is trading with a bullish sentiment at the moment, but a fact cannot be ignored that it is facing a crucial resistance on the upside.

Ether Price Crucial Test?

Yesterday, I highlighted a trend line support for Ether price, and was hoping for a break or a bounce. My idea was more of a sell, but the price bounced and moved higher. It was more due the price action in BTC/USD, which is facing a tough resistance near $600. So, ETH/BTC was benefited, and managed to move a few points higher.

Ethereum Price Analysis Chart

However, ETH is currently facing a major resistance area near the 100 simple moving average (1-hour chart), which is preventing further gains. Moreover, as we can see in the last 24H chart of ETH/USD there were two failures near 0.0240BTC. So, we can assume that it won’t be easy for the ETH bulls to take the price higher in the near term.

If we have a look at a higher timeframe chart, then the last 7-day chart of ETH/BTC is pointing towards a major move. There is a critical triangle pattern forming, which may result in the next move in the short term.

Ethereum Price Analysis 7-day Chart

The price is currently trading near the triangle resistance trend line, which is acting as a barrier for more gains. A break above the same may be a buy call, which can take ETH towards 0.0250BTC. On the downside, the triangle support trend line can be considered as a protection zone.

Intraday Resistance Level

0.0240BTC

Intraday Support Level

0.0235BTC

Hourly RSI

The RSI is currently above the 50 level, suggesting that ETH bulls are in action.

Hourly MACD

The MACD is showing a few positive signs, which can ignite an upside move.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.