ETH Price Analysis – ETH Consolidates Near $2.8K
Although still trading in the rising triangle pattern, Ethereum has surged by over 18% since last week. ETH-BTC now tests 0.0769 BTC.
ETH-USD – Market Consolidating in the Triangle
Key Levels
- Resistance Levels – $2,892, $3,000 and $3,135.
- Support Levels – $2,715, 42,600 and $2,470.
After an 18% uptick over the last week, ETH is trading at about $2,800. However, the world’s best alternative coins still live in the climbing triangle pattern. The resistance is around $2,891, .382 Fib bearish. Ethereum has been trading here for the last two weeks.
Last week, ETH tried the upper border of the triangle but unable to overcome the boundary. With that, during the weekend, the asset declined to the lower part of the triangle, trading at $2600. However, it bounced off the support, trading at $2,782 at the moment.
ETH-USD Near-Time Price Forecast
For the future, the pair has its first resistance level at 50-DMA and bearish .382 Fib ($2,892). Afterwards, $3,000, bearish .5 Fib (43,135), and bearish .618 Fib ($3,380) will follow.
Meanwhile, support is at the lower boarder at $2,715. After that, 20-dMA ($2,600), .382 FIB ($2.470) and 100-Dma ($2,400).
The RSI is still straddling the midline, showing market indecision. The RSI will have to move over 57 for an upward breakout to indicate improved bullish momentum.
ETH/BTC – Ethereum Breaks Uphill Triangle Vs. Bitcoin
Key Levels
- Resistance Levels – 0.0737 BTC, 0.07 BTC, and 0.0664 BTC.
- Support Levels – 0.0769 BTC, 0.08 BTC, and 0.082 BTC.
Against BTC, Ethereum managed to broker its ascending triangle pattern that existed in the past two weeks. Bearish .618 Fibonacci (0.0737 BTC) remains the roof of the move. The market finally brokers over the triangle in the past day.
After breaking above the triangle, Ethereum went higher above 0.075 BTC, testing the 1.414 Fib Retracement (0.0769 BTC).
ETH/BTC Near Term Price Forecast
For the future, the first resistance level is at 0.0769 BTC. After that, 0.08 Bitcoin, 0.082 Bitcoin (HDC), 0.0838 Bitcoin (1.618 Fib Retracement), and 0.0877 Bitcoin (1.414 Fib Retracement) follows.
Nevertheless, the first support is at 0.0737 BTC. The next levels are 20-dMA (0.07 BTC, .5 Fib (0.0664 BTC), 50-dMA & .618 Fib (0.0639), and 0.06 BTC.
At the moment, the RSI indicates that Ethereum can continue rising against Bitcoin.
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