Ethereum’s ETH is consolidating above the 0.065BTC zone. The current price action suggests a possible rally above the 0.0750BTC resistance.
In the last ethereum vs bitcoin analysis, we saw a strong support near the 0.065 level. ETH/BTC remained stable and traded as low as 0.0653.
There was a strong buying interest noted near the 0.0650 zone. The price formed a base and started a minor upward move above the 0.0680 resistance zone. There was a move above the 23.6% Fib retracement level of the downward move from the 0.0855 swing high to 0.0653 low.
Etheruem’s daily price chart | Source: ETHBTC on TradingView.com
The price even spiked above the 0.070 resistance zone. However, the bulls failed to remain in action above the 0.0730 level and the 50-day simple moving average (blue).
It seems like the bears were active near the 0.0730 resistance zone. The next major resistance is forming near the 0.0755 level. It is near the 50% Fib retracement level of the downward move from the 0.0855 swing high to 0.0653 low.
A clear move above the 0.0755 resistance may perhaps start a steady increase. In the stated case, the price may perhaps revisit the 0.0808 level. Any more gains might open the doors for a move towards the 0.0855 high. Finally, the price could jump and test the 0.10 barrier if the bulls remain in action.
On the downside, there is a strong support forming near 0.0680. There is also a crucial bullish trend line forming with support at 0.0680BTC on the daily chart.
The main support seems to be forming near the 0.065 level. If there is a downside break below the 0.0650 support, the price might turn bearish. The next major support could be near the 0.0585 level, below which the price may perhaps decline towards the 0.0500 support area.
Overall, ether price is showing positive signs above the 0.065 support zone versus bitcoin. If the bulls pump the price above the 0.0730 and 0.0750 levels, ETH could rally. Conversely, there might be a fresh decline towards the 0.0585 support zone and then 0.050.
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