ETH posted good gains intraday, and almost all technical indicators are showing bullish signs for Ether in the short term.
Ether Price Correction Before Higher?
If we have a look at the last 24H chart of ETH/BTC, then it is quite clear that the ETH bulls were in control in taking the price higher. There was a nasty increase in the trading volumes as well. The price traded as high as 0.02569BTC before it found sellers and started to move down.
During the downside move, ETH/BTC broke a bullish trend line formed on the last 24H chart, and traded towards the 0.0245BTC support area. The price has almost retraced 38.2% Fib level of the last wave from the 0.0236BTC low to 0.02569BTC high. So, there is a chance of ETH gaining bids around the current levels or 0.0245BTC.
Another important aspect to note is on a higher time frame chart. Yesterday, I highlighted a critical triangle pattern on the last 7-day chart of ETH/BTC, and was hoping for a break. The price did move higher, and broke the triangle resistance trend line to set the pace for an upside move in the short term.
The recent break is encouraging for one more reason, which is the fact that the price is now above the 100 hourly simple moving average. So, if the price moves a few points down from the current levels, then it might face bids on the downside around the 100 SMA or 0.0240BTC.
One may even consider buying near the stated level with a stop of a close below the 100 SMA.