Bitcoin has declined substantially over the past 24 hours, causing a lot of altcoins to drop in value against the USD. Against BTC, however, the situation is rather different. At the time of this writing, ETH is up around 4% against BTC and it’s trading closer to the 0.02BTC mark.
If Ethereum can continue to rise against Bitcoin, we may see a shift in the previous bearish pressure that the cryptocurrency felt.
Ethereum remains the second-largest cryptocurrency with a market cap of $22.20 billion.
Looking at the ETH/USD 1-Day Chart:
- Since our previous ETH/USD analysis, the resistance at the 100 days EMA was too strong for Ethereum which had caused the market to roll over and fall. Over the following few days, ETH continued to decrease and broke beneath a multi-month old rising support line.
- From above: The nearest levels of resistance lie at $210, $220 (200 days EMA), and $235 (100 days EMA). This combined area of resistance will require significant momentum to overcome. Above this, higher resistance lies at $240, $250, $254, $271, $279, $298, and $300.
- From below: The nearest level of support lies at $202 and $200. If the sellers continue to push the market beneath $200, further support is expected at $193 where lies the .786 Fibonacci Retracement level. Strong support beneath this is located at the rising support trend line. If the sellers break beneath $180, further support is found at $176.48, $165.42, and $150.
- The trading volume remains relatively low and below average.
- The RSI has remained beneath the 50 level which is a bad sign as it signals that the sellers retained the control of the market momentum.
Looking at the ETH/BTC 1-Day Chart:
- Against Bitcoin, we can see that there have been some major developments. After rebounding around 0.0176 BTC, Ethereum started to climb higher. In today’s trading session, ETH has managed to break above a 2-month-old downward sloping channel. If it can continue to rise from here, this may mark a major shift in trend.
- From above: The nearest levels of resistance lie at 0.01966 BTC and 0.02 BTC. If the buyers continue to drive above 0.02 BTC we can expect higher resistance at 0.02049 BTC, 0.021 BTC, 0.02183 BTC, 0.0225 BTC, 0.00236 BTC, and 0.024 BTC.
- From below: The nearest level of support lies at 0.01937 BTC. Beneath this, further support is found at 0.019 BTC, 0.0185 BTC, 0.018 BTC, and 0.0179 BTC.
- The trading volume is starting to show some signs of increasing which is a positive sign.
- The RSI is about to break above the 50 level – which would be the first time in 2 months to do so if it is successful.