Ethereum Price Analysis: Expect a Bullish Pattern in the ETH/BTC Trading Pair in the Near Future
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Answer Ethereum Price Analysis: Expect a Bullish Pattern in the ETH/BTC Trading Pair in the Near Future
The ETH/BTC chart below shows that the price of Ethereum has been trapped in a consolidation zone for more than six months now.
But looking at the bigger picture, the coin is displaying a strong bullish pattern, which could bring significant bullish momentum to Ethereum.
Watch for these important levels of Ethereum:
Main technical points:
- Ethereum price action formation of cup and handle pattern.
- An inverse head and shoulder pattern has formed on the 4-hour time frame chart.
- The daily trading volume of Ethereum exceeds $16.3 billion, which means that it is 32.5% away from what it was.
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The chart shows the cup and handle pattern on the daily time frame chart.
The pattern has a neckline (resistance area) at 0.086 BTC-0.0825 BTC.
However, the cryptocurrency price is still busy forming the handle part of this pattern.
Once the price of Ethereum gives a decisive break through the general resistance, cryptocurrency traders can seize the opportunity to buy this currency.
As this pattern completes, the price of ETH could rise to 0.123 BTC ($7,264).
The critical EMAs (20, 50, 100 and 200) show the upward movement of Ethereum.
An RSI value of 58 indicates that the currency is maintaining a positive sentiment among market participants.
However, the bearish divergence on his RSI chart indicates that caution should be maintained.
The notable rally of Ethereum encountered strong resistance from the 0.083 BTC level on March 15th, and since then, the price has been reverberating in a short range, extending from 0.055 BTC to 0.0825 BTC.
Additionally, the chart reveals another bullish pattern in this lower time frame, i.e. an inverted head and shoulder pattern.
This bullish pattern could provide sufficient support for the price of the digital currency and help it to surpass the critical resistance at 0.0825 BTC.
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