ETH/BTC: Why Ethereum Price Could Benefit From Recent Bitcoin Meltdown

Key Takeaways:

• Ethereum price shows bullish signs above the 50-day simple moving average (blue).
• ETH/BTC broke a major contracting triangle with resistance at 0.0638BTC on the daily chart.
• The price could start a fresh rally toward the 0.0670BTC resistance zone.

NEW DELHI (CoinChapter.com) — Ethereum’s ETH price rises from the 0.0605BTC zone. The bulls could move toward 0.0670BTC or even 0.0700BTC in the coming days.

Ethereum (ETH) Price Signals Upside Vs. Bitcoin

Recently, Ethereum saw a sharp decline vs. Bitcoin below the 0.0630 level. However, ETH/BTC remained well-supported near the 0.0605 and 0.0600 levels.

The price reversed all losses and climbed back above the 0.0620 resistance zone. ETH futures ETF approval news seems to be helping it against its peers, including Bitcoin. There was a clear upside break above the 23.6% Fib retracement level of the downward move from the 0.0708 swing high to the 0.0605 low.

Besides, Ether traded above a major contracting triangle with resistance at 0.0638BTC on the daily chart. The recent breakout signals high chances of bullish continuation above the 0.065 level.

The price is trading well above the 0.0630 level and the 50-day simple moving average (blue). On the upside, Ether’s price faces resistance near the 0.0655 level. A clear move above the 0.0655 level could send Ethereum toward the 0.0670 resistance.

It is close to the 61.8% Fib retracement level of the downward move from the 0.0708 swing high to the 0.0605 low. The next major resistance is near the 0.0685 level.

A close above the 0.0685 resistance may perhaps start a fresh rally. The price may rise toward the 0.0720 resistance in the stated case. Any more gains might clear the path for a move toward the 0.0750 zone or even 0.080.

Dips Limited?

Ethereum price could start a downside correction from the 0.0655 resistance zone if not. On the downside, decent support is forming near the broken triangle zone at 0.0635.

The first key support sits near 0.0630 and the 50-day simple moving average (blue). If there is a downside break below the 0.0630 support, the price might start another bearish wave. The next major support could be near the 0.0605 level, below which the price may drop toward the 0.0580 support zone.

Overall, Ether’s price shows bullish signs above the 0.0630 resistance versus Bitcoin. If there is a clear move above 0.0655, there could be a steady increase. Conversely, the ETH price might revisit the 0.063 support.