Ethereum price stayed above the
key 0.0314 support area against bitcoin and climbed above $170 versus the US
Dollar. ETH to BTC is likely to extend gains above 0.0340 and 0.0342 resistance
Key Talking Points
- Ethereum price is forming a strong support above
the 0.0314 level against bitcoin.
- There is a crucial bearish trend line in place
with resistance at 0.0330BTC on the 4-hours chart of the ETH/BTC pair (data
feed from Poloniex).
- The pair is likely to break the trend line and
it could even climb above 0.0340BTC.
Ethereum Price Chart Analysis
In the past few hours, there was a decent bounce in bitcoin, litecoin, Ethereum, EOS, bitcoin cash, ripple, and others against the US Dollar. ETH to BTC also recovered a few points after it formed a strong support base near the 0.0312 and 0.0314 levels.
Looking at the chart, the price traded as low as 0.0311 and recently bounce back. It seems like there is a crucial support base formed near the 0.0312 and 0.0314 levels. Sellers made many attempts to push the price lower, but they failed.
Recently, the price bounced back above
0.0320BTC and the 23.6% Fib retracement level of the last decline from the 0.0352BTC
high to 0.0311BTC low.
The price even spiked above the
0.0325BTC level and tested the next key resistance at 0.0330BTC and the 100
simple moving average (4-hours). There is also a crucial bearish trend line in place
with resistance at 0.0330BTC on the 4-hours chart of the ETH/BTC pair.