Ethereum’s ETH is facing an uphill task near 0.058BTC. The bulls could gain strength if there is a close above the USD 0.058BTC level.
In May 2022, ethereum formed a major top near the 0.078 against bitcoin. ETH/BTC started a major decline below the 0.070 and 0.065 support levels.
The bears even pushed the price below the 0.060 support level and the 50-day simple moving average (blue). The price traded as low as 0.0491 and recently started an upside correction. It climbed above the 0.0550 resistance levels.
Etheruem’s daily price chart | Source: ETHBTC on TradingView.com
The price even broke the 23.6% Fib retracement level of the key decline from the 0.0766BTC high to 0.0491BTC low. However, ether bears were active near the 0.058 level and the 50-day simple moving average (blue).
The bulls made two attempts to clear the 0.058 level, but they failed to gain strength. The price is now moving lower and trading below 0.0550. It seems like there is a major rising channel forming with support near 0.0540 on the daily chart.
The next major support is near 0.0535, below which ether price might revisit the 0.0500 zone. Any more losses may perhaps send the price to a new low below 0.0491. If there is a downside break below 0.0480, the price could accelerate lower towards the 0.0450 level.
On the upside, ETH is facing a major hurdle near the 0.0580 level and the 50-day simple moving average (blue). A clear move above the 0.0580 resistance could send the price towards the 0.063 resistance. It is near the 50% Fib retracement level of the key decline from the 0.0766BTC high to 0.0491BTC low. Any more gains might open the doors for a move towards the 0.0665 resistance.
Overall, ether price is eyeing an upside break above the 0.0580 resistance zone. If the bulls succeed, the price could accelerate higher towards the 0.0665 resistance zone in the coming days. Conversely, there might be a fresh drop to 0.050. Likewise, ETH/USD could surge if there is a close above the $1,200 resistance zone.
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