Ethereum Price Trends: 0.0212BTC Is Resistance In ETH/BTC
Ethereum price after trading lower against Bitcoin managed to find buyers near 0.0191BTC and traded back higher. However, the upside may be limited considering the fact that there is a major bearish trend line formed on the ETB/BTC hourly chart (data feed via Poloniex).
The price was earlier seen struggling near the 100 hourly simple moving average, but the last two candles were positive, as there was a close above the 100 hourly SMA.
Ethereum Price Sell?
Ethereum price crashed this past week from 0.0225BTC to 0.0191BTC as the bearish pressure increased. However, the ETH bulls managed to defend the 0.0200BTC-0.0190BTC support area and pushed the price higher.
The price cleared the 38.2% Fib retracement level of the last drop from 0.0235BTC to 0.0191BTC, and also closed above the 100 hourly simple moving average.
The price looks set for a test of a bearish trend line formed on the ETB/BTC hourly chart (data feed via Poloniex), which may act as a resistance in the short term.
A break above it could easily call for a move towards the 0.0225BTC level, followed by 0.0230BTC.
On the downside, the most important support area is at 0.0200BTC which must hold for now if the ETH bulls have to take the price higher moving ahead.
A break below it could take ETH/BTC towards the 0.0180BTC support area.
The hourly RSI is above the 50 level, which is a bullish sign and suggests that the ETH bulls are stepping to take charge in the near term. The hourly MACD is also showing positive signs for the bulls. All in all there is a chance of an upside move in ETH/BTC.
Chart Source – TradingView.com and data feed by Poloniex