Last week, Ether (ETH) showed that it was not permanently linked to Bitcoin (BTC). Some old coins are now going their way. Ethereum breaks a significant resistance
An accurate analysis of the ETH / USD and ETH / BTC charts suggests a bullish epidemic. Before that, however, there are still considerable challenges ahead. Cryptographic market data – Day view. Source: Coin360 As can be seen from the daily chart, Ether continues to create a space between him and the descending triangle over several months from which Altcoin erupted on October 25th. The digital asset continues to record lower levels per day. The most recent race at $ 194.60 nearly peaked higher than the October 25th peak at $ 199.77. Daily chart ETH USD. Source: TradingView
As mentioned in the previous analysis, Ether had to overcome the resistance zone between $ 184 and $ 186 to reach the $ 194 mark. It happened early Wednesday.
If volume permits, bulls must raise the price to the 200-day moving average (DMA), which is also the Fibonacci retracement level of 61.8%. ETH Chart USD 6 hours. Source: TradingView
Although the price has dropped by $ 194, the 12-day exponential moving average (EMA) remains above 26 days. It seems that the price will return to the moving average of the Bollinger Band's indicator at $ 187. The Relative Strength Index (RSI) has risen from 68 to 68 and the Stochastic RSI (Stoch) has fallen and is fast approaching the downtrend. The mean moving confluence divergence (MACD) is also confronted with a negative cross.
Normally, this would mean that the price could continue to fall on support at $ 183.74. This value is a high-volume node. Fortunately, the hourly chart indicates a different trend. ETH USD 1 hour chart. Source: TradingView
The RSI jumped a little over 40, a reliable area to observe such maneuvers in the hour and 6 o'clock windows. The stochastic indicator has already left the range of 0 and is slowly rising.
The pace of the declining MACD line has also slowed. The Ethereum prize has rebounded from the Bollinger Band and is currently giving $ 190.65 towards the middle band.
Traders should use the burst for tight-stop purchases if Ether stays above $ 199.45. The price could then reach $ 225 and exceed $ 240. ETH / BTC gains ground
The ETH / BTC pair is improving steadily and maintaining a trend towards higher daily minimums. The price remains stuck between 12 and 26 EMA. ETH daily chart BTC. Source: TradingView
Price has a resistance at 0.020592 Satoshis (Sats). Once this value is exceeded, Ether is likely to target the brand 0.020984 (Sats). Traders should note the divergence of the daily MACD and the bullish cross between the MACD and the signal line. Another positive sign is the inverted green MACD histogram, currently greater than 0. ETH daily chart BTC. Source: TradingView
Currently, the price of the Bollinger 20-MA band indicator is meeting resistance. Exceeding the first target at 0.020984 (Sats) could result in an increase in the price in the upper Bollinger Band to 0.022033 (Sats), which would represent an increase of 7.25%. There could be a lot of resistance. VPVR at 0.020984 (sats) and above indicate significant selling pressures. Chart 6 hours ETH BTC. Source: TradingView
The 6 hour chart again confirms that the ether is blocked below the resistance at 0.020592 (Sats) and that it travels in an empty space with a support at 0.020375 (Sats) and resistance at 0.020814 (Sats). Weekly ETH BTC chart. Source: TradingView
The weekly chart of the ETH / BTC pair shows how the ether is permanently retained by the 20-WMA. It is clear that the price must exceed this point before something important can happen.
The weekly MACD looks good, the MACD taking off from the signal line and the histogram showing increasing interest from buyers. The weekly RSI is also growing towards 40. Weekly ETH BTC chart. Source: TradingView
The alternative point of view on the ETH / BTC pair in the weekly calendar presented above should arouse curiosity and inspiration. The ETH is about to reach a descending triangle of a year, a map image that is currently found on many Alcoins.
Traders need to know if Ether can go beyond 20 WMA and reach a few highs above the current price.
The ETH / BTC fell sharply in the face of Bitcoin's 42% rise on October 25th. Traders need to keep an eye on the USD and BTC pairs before opening big positions. Important objectives
Traders wishing to acquire a long position should look at the 6 hour chart to see if the price of ether drops in the middle Bollinger Bands at 0.020027 (sats). This point coincides with the upward trend line of the rising wedge model. Falling below this trend line will likely cause the ethers to re-test the underlying substrates 0.019666 (sats), a region strongly supported by VPVR.
Below 0.019637 (sats) could be a support, where the lower Bollinger band is. A rebound in the lower upward trend line of the rising wedge should appear and bring the price of the ether closer to the price curve....