- ETH/USD sets new all-time highs while it heads to the ceiling of its current channel, the last resistance before $1000
- ETH/BTC change of trend gave the signal for the current bullish ride, still useful to the analysis
Ethereum price is setting all-time highs with big candles from the last couple of days. ETH/USD is trading just below the mid-line from the triple channel that holds the price since last May.
ETH/BTC developments have been key to detect the last Ethereum rise, with the current upswing in the main Cryptocurrency cross pair setting up a big part of the current technical scenario for the ETH/USD.
ETH/USD Daily Chart
-636492734931389343.png)
MACD shows an opening and inclination backing the upside and even a potential bullish breakout. If that happened, the target for the bulls would be around $1100. First support is around $620, with the second one coming at $500.
Directional Movement Index in this chart also backs the upwards scenario, with buyers moving above the ADX line. The number of sellers is going down again after a slight increase during these last days.
As we did observe last December 13th, ETH/BTC set the current bullish ride that has taken Ethereum price at the doors of the $1000 landmark, and ready to open it.
As of now, ETH/BTC is still useful to track the potential reach of the current Ethereum uptrend. As we can see in the chart below, ETH/BTC has a trendline around 0.4995, a level that can be translated to ETH/USD as a moving target. Thus, chances of a bullish breakout of the central channel in the ETH/USD are growing, and such an action would take Ethereum price up to $1100.
ETH/BTC Daily Chart
-636492740684169888.png)
In this chart, MACD shows a bullish bias but still inside negative territory. This is limiting the current bullish ride or, at least, keeping it from being too fluid.
Directional Movement Index is indicating rising buyers in ETH/BTC cross pair but still with no backing from ADX, so the current trend is weak.
Conclusion
Ethereum has been experiencing a weak performance relatively to Bitcoin during the last months. That consistent bearish trend was reversed last December 13th and since then, ETH/USD has been outperforming BTC/USD.
The first level to track as a potential bullish ETH/BTC is 0.50. If that is broken, ETH/BTC could go all the way up to 0.70 as its next stop.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
EUR/USD turns negative near 1.0760
The sudden bout of strength in the Greenback sponsored the resurgence of the selling pressure in the risk complex, dragging EUR/USD to the area of daily lows near 1.0760.
GBP/USD reconquers 1.2500 with upbeat UK GDP
Following BOE-inspired slump on Thursday, the British Pound changed course and trades around 1.2530. Better-than-anticipated UK GDP and a weaker USD behind the advance.
Gold resumes advance and trades above $2,370
XAU/USD accelerated its recovery on Friday, as investors drop the USD. Dismal US employment-related figures revived hopes for a soon-to-come rate cut from the Fed.
XRP tests support at $0.50 as Ripple joins alliance to work on blockchain recovery
XRP trades around $0.5174 early on Friday, wiping out gains from earlier in the week, as Ripple announced it has joined an alliance to support digital asset recovery alongside Hedera and the Algorand Foundation.
Week ahead – US inflation numbers to shake Fed rate cut bets
Fed rate-cut speculators rest hopes on US inflation data. After dovish BoE, pound traders turn to UK job numbers. Will a strong labor market convince the RBA to hike? More Chinese data on tap amid signs of slow Q2 start.