Ethereum’s ETH is rising from the 0.0675BTC zone. There could be more upsides unless there is a clear move below the 0.0675BTC support.
In the past few days, there was a slow increase in Ethereum vs Bitcoin. ETH/BTC remained well bid above the 0.0675 and the bears failed on more than two occasions.
A strong support base seems to be forming near the 0.0675 level. The price is slowly moving higher above the 0.0690 level. There was a break above a major bearish trend line with resistance at 0.0695BTC on the daily chart.
Etheruem’s price daily chart | Source: ETHBTC on TradingView.com
The price even moved above the 50% Fib retracement level of the downward move from the 0.0726 swing high to 0.0676 low. However, the bears are now protecting the key 0.0705 resistance zone and the 50-day simple moving average (blue).
On the upside, Ether price seems to be clearly facing resistance near the 0.0705 level. It is close to the 61.8% Fib retracement level of the downward move from the 0.0726 swing high to 0.0676 low. The next major resistance is near the 0.0726 level.
A clear upside break above the 0.0726 resistance may perhaps start a fresh rally. In the stated case, the price may perhaps rise toward the 0.0780 resistance. Any more gains might clear the path for a move toward the 0.0800 zone or even 0.0820.
If not, Ethereum price could struggle to clear the 0.0705 resistance zone and the 50-day simple moving average (blue). On the downside, there is a decent support forming near 0.068.
The main support seems to be forming near the 0.0675 level. If there is a downside break below the 0.0675 support, the price might start a major decline. The next major support could be near the 0.0620 level, below which the price may perhaps dive toward the 0.060 support zone.
Overall, Ether price is attempting a key upside break above the 0.0705 resistance versus Bitcoin. If there is a clear upside break, there could be a strong bullish reaction. Conversely, ETH price might revisit the main 0.0675 support zone in the coming sessions.
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