Ethereum’s ETH started a fresh surge above 0.062BTC. The current price action suggests more gains upsides towards 0.0765BTC or even 0.080BTC.
In the last Ethereum vs Bitcoin analysis, we discussed high chances of a bullish breakout. ETH/BTC did form a strong support base above the 0.050 level to start a steady increase.
The bulls took control and were able to push the price above the 0.052 and 0.055 resistance levels. It opened the doors for a fresh surge and the price cleared a key breakout zone at 0.0580 and the 50-day simple moving average (blue).
Etheruem’s daily price chart | Source: ETHBTC on TradingView.com
The price was able to clear a key rising channel at 0.062BTC levels on the daily chart. The bulls pumped the price above the 50% Fib retracement level of the main drop from the 0.0766BTC high to 0.0491BTC low.
Finally, the price climbed above the 0.065 level and tested the key 0.070 resistance zone. The 76.4% Fib retracement level of the main drop from the 0.0766BTC high to 0.0491BTC low acted as a resistance.
There was a minor downside correction but the bulls were active near the 0.066 level. On the upside, ETH is facing resistance the 0.070 level. A clear move above the 0.070 resistance could send the price towards the 0.0765 resistance. Any more gains might open the doors for a move towards the 0.080 resistance.
If there is a downside correction, the price might find support near the 0.0665 level. The next major support is near 0.0630, below which ether price might revisit the 0.0585 zone and the 50-day simple moving average (blue) (the recent breakout zone).
Any more losses may perhaps send the price to 0.0520. If there is a downside break below 0.0520, the price could accelerate lower towards the 0.050 level.
Overall, ether price rally could continue higher if it clears the 0.070 resistance zone. In the stated case, the bulls might aim a move towards the 0.080 level in the coming days. Conversely, there might be a downside correction towards 0.0620 or even 0.0585.
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