Ethereum Price Analysis: ETH/USD break above SMA 200, while ETH/BTC trends in upward channel formation
- ETH/USD has managed to break above the triangle formation as well.
- ETH/BTC looks to go past the 0.025 psychological level.
ETH/USD daily chart
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ETH/USD went up from $170.98 to $172.75 in the early hours of Saturday. In the princess, it managed to break above the resistance provided by the SMA 200 curve and the triangle pattern. The bulls will want to continue their upward momentum and aim to conquer the $175 psychological level, before attempting to break past resistance at $180. The Elliott Oscillator has had three straight green sessions. The SMA 20 is on course to crossing over the SMA 50 to chart a bullish cross pattern.
ETH/BTC daily chart
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ETH/BTC went up from 0.02 to 0.02439 in the early hours of Saturday, following a bearish Friday. The asset pair is trending in an upward channel formation as the bulls aim for the 0.025 key psychological level. Similar to ETH/USD, the SMA 20 in ETH/BTC is on course to crossing over the SMA 50 as well. The 20-day Bollinger Band has widened, indicating increasing bullish momentum. The MACD shows increasing bullish momentum, while the RSI is trending horizontally around 67.187, next to the overbought zone.
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.
