- 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
 (4)-637255451950728590.png)
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
 (18)-637255451237246037.png)
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
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.