Ethereum price surged higher recently and broke the 0.0380BTC resistance against bitcoin plus moved back above $145.00 versus the US dollar. ETH/BTC is in a major uptrend and it could accelerate above 0.0400BTC.
- Ethereum price is placed well above the 0.0364BTC support level, with a bullish angle.
- ETH/BTC is following a significant bullish trend line with support at 0.0380BTC on the 4-hours chart.
- ETH price is currently correcting lower, but it remains supported near the 0.0380BTC and 0.0370BTC levels.
Ethereum Price Analysis (ETH/BTC)
The past few days were very bullish above the 0.0350BTC support in Ethereum price versus bitcoin and above $135.00 against the US dollar. The recent price action was very positive as ETH to BTC cleared the 0.0380BTC and 0.0388BTC resistance levels.
The 4-hours chart of ETH/BTC indicates that the price climbed above the 0.0390BTC pivot level and the 50 simple moving average (4-hours). The upside move was strong and buyers were successful in clearing the 0.0400BTC resistance level.
Chart Source By TradingView, Bitfinex
The price topped near the 0.0401BTC level and later started a downside correction. It moved below the 0.0400BTC support and it is now approaching the 23.6% Fib retracement level of the last leg from the 0.0314BTC low to 0.0402BTC high.
There are many key supports on the downside near the 0.0380BTC level. More importantly, there is a significant bullish trend line in place with support at 0.0380BTC on the same chart.
If there is a downside break below the trend line, the price may trade towards the 0.0358BTC support area. It represents the 50% Fib retracement level of the last leg from the 0.0314BTC low to 0.0402BTC high.