Ethereum Price (ETH) Could Continue Higher Versus Bitcoin (BTC)

Ethereum Price (ETH) Could Continue Higher Versus Bitcoin (BTC)

June 13, 2019

Ethereum price started a strongupward move from the 0.0300 support against bitcoin. ETH to BTC is currently gainingpace and it could continue higher towards the 0.0330BTC level.

Key Talking Points

  • Ethereum price is currently placed nicely above the0.0300 and 0.0315 supports against bitcoin.
  • There was a break above a major bearish trendline with resistance at 0.0315BTC on the 4-hours chart of the ETH/BTC pair(data feed from Poloniex).
  • The pair is currently trading near 0.0320BTC andit remains supported for more gains in the near term.

Ethereum Price Chart Analysis

Recently, there was a strong rally in Ethereum above 0.0305 and 0.0310 against bitcoin. ETH to BTC gained bullish momentum and broke many important resistances near 0.0315BTC. It even gained pace against the USD, similar to EOS, ripple, litecoin and bitcoin cash.

Looking at the chart, the price formed a strong support base near the 0.0300BTC level. As a result, there was a fresh increase above the 0.0310BTC resistance level and the 100 simple moving average (4-hours).

During the rise, the price brokethe 61.8% Fib retracement level of the last decline from the 0.0320BTC high to0.0300BTC swing low. Moreover, there was a break above a major bearish trendline with resistance at 0.0315BTC on the 4-hours chart of the ETH/BTC pair.

The pair is now trading nicelyabove the 0.0315BTC and it recently tested the last swing high near 0.0320BTC. Atthe moment, the price is consolidating gains near 0.0320BTC.

On the downside, an initial supportis near the 0.0315BTC level or near the broken trend line. If there are morelosses, the price could test the 0.0310BTC support area.

Conversely, if there is an upsidebreak above 0.0320BTC and 0.0322BTC, the price could accelerate higher towardsthe 0.0330BTC level.

An intermediate resistance forEthereum price is near 0.0325BTC or the 1.236 Fib extension level of the last declinefrom the 0.0320BTC high to 0.0300BTC swing low. Overall, ETH is trading with apositive bias above 0.0315 and it could continue higher towards 0.0330BTC.

 The market data is provided by TradingView.

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