Ethereum Price Trends: ETH/BTC Poised For Gains
Ethereum price managed to trade higher vs Bitcoin and broke a major resistance area. ETH/BTC is currently trading positively and if all goes well, there are chances of it moving towards the 0.0230BTC levels.
There was a contracting triangle pattern formed on the hourly chart of ETH/BTC (data feed via Poloniex), which was broken recently by the buyers.
Ethereum Price Buy?
Ethereum price gained during the past couple of sessions, and traded above the 0.0205BTC resistance area. There was a contracting triangle pattern formed on the hourly chart of ETH/BTC (data feed via Poloniex), which acted as a resistance was broken during the upside move.
The price also broke the 38.2% Fib retracement level of the last drop from 0.0235BTC to 0.0191BTC, which means there are chances of more gains in the short term.
The best part is the fact that the price is now above the 100 hourly simple moving, suggesting that the recent break may be a real one.
If the price continues with the current trend, then there is a chance of a test of the 61.8% Fib retracement level of the last drop from 0.0235BTC to 0.0191BTC.
If the price corrects from the current levels, then the broken trend line may now act as a support area for the ETH bulls. One may even consider buying dips ETH as long as the price is above the 0.0205BTC.
The hourly RSI is above the 50 level, calling for more gains. Moreover, the hourly MACD is in the bullish zone, which is another bullish sign for traders looking to enter a buy trade.
Chart Source – TradingView.com and data feed by Poloniex