Ethereum Price Analysis: ETH/BTC trendline breakout looms as Bitcoin loses ground
|- Ethereum gains traction against Bitcoin in a bid to come out of the downward trend commenced in April.
- ETH/USD pair struggling to stay above $210 support after reversing from the $215 resistance zone.
Ethereum has been growing stronger against the largest cryptocurrency by market capitalization, Bitcoin. The main goal has been to correct from the downward trend the pair embarked on towards then of April when it hit a wall at 0.0260.
The initial break above the 50 SMA over the weekend, gave way for the positive price action on Monday and Tuesday. Unfortunately, the momentum has fizzled out shortly after stepping above the 100 SMA in the 4-hour range.
At the time of writing, ETH/BTC is exchanging hands at 0.0219, while on the upside the bulls are dealing with the seller congestion at the descending trendline. It is apparent that a break above this key line could pave the way for further growth, targeting April’s high at 0.0260.
Meanwhile, the prevailing technical picture is neither negative nor positive. Indicators such as the RSI and the MACD are horizontal. In other words, displaying a consolidation picture ahead of a possible trendline breakout. If a reversal occurs from the current levels, expect the ETH/BTC to seek support at the moving averages, 0.0210 and 0.0200 levels.
Also read: Bitcoin price rallying to $120,000 as halving impact precipitates – eToro’s analyst Simon Peters
ETH/BTC 4-hour chart
ETH/USD technical picture
The ETH/USD pair is struggling to stay above $210 support after rejection at $215. The price is dancing at $213 at the time of writing. Its technical picture is stable, for now. However, if the trendline support is broken, then Ethereum could end up in losses targeting $200. The Moving averages; 50 SMA and 100 SMA are likely to provide support above $200.
ETH/USD 4-hour chart
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