The recent upside surge in ETH/BTC may be real, and if the price corrects lower from the current levels, then it may find bids around 0.0250BTC.
Ether Price U-Turn
ETH started a new upside ride intraday against both majors, USD and BTC. ETH/USD was a better performer as it soared above $18.00 to post a new high. It may continue to surprise traders and could trade close to $20.00 in the near term.
Coming on to ETH/BTC, ETH also managed to overcome selling pressure versus BTC and traded higher. There was a consolidation phase with resistances around 0.0255BTC and 0.0250BTC. Ethereum buyers managed to gain strength recently, and took the price above the stated resistance levels.
ETH traded as high as 0.0272BTC where it found sellers, and started to correct lower. Currently, there is a bullish trend line formed on the last 24-hours chart of ETH/BTC, which may act as a support in the short term. The most important support could be near 0.0250BTC, as it was a resistance earlier and might provide support moving ahead.
The recent break was no doubt crucial, and it can also be seen on the last 7-day chart of ETH/BTC. The 7-day chart also has a support trend line, which is coinciding the all-important levels of 0.0250BTC-0.0255BTC.
One may consider buying near the stated levels, as long as the price remains above the trend line support.