ETH/BTC Price Analysis: Bulls remain in control for three straight days, SMA 50 acts as immediate resistance
- Bulls face stiff resistance at the SMA 50, 0.02336 and 0.02387.
- William’s %R has been trending inside the overbought zone, so the price may face bearish correction soon.
ETH/BTC daily price
ETH/BTC bulls remained in control for the third consecutive day as it went up from 0.022947 to 0.02296. ETH/BTC is currently trending in an upward channel pattern. Over the last two days, the price has threatened to cross above the 20-day Bollinger Band. The latter's jaw has widened to indicate increasing price volatility. William’s %R has been trending inside the overbought zone for the last five days, so the price may face bearish correction soon. The MACD shows increasing bullish momentum.
The bulls face multiple stiff resistance levels at SMA 50, 0.02336 and 0.02387. On the downside, there are healthy support levels at 0.02255, SMA 20 and 0.02196.
Key levels
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
