ETH rose 5.5% in the past 24 hours as it broke the $ 2740 resistance and touched the $ 2830 level. On the BTC pair, ETH is in a short-term ascending triangle with the resistance line at 0.0737 BTC and a break above this level will push the price back down to the ATH level.

ETH / USD – Bulls need to break the USD 2892 resistance level

• Major support levels: $ 2800, $ 2740, $ 2600.
• Major Resistance Levels: $ 2892, $ 3000, $ 3135.

ETH did well today, up 5.5% which allowed it to break this week’s resistance at $ 2740. On Monday it broke above $ 2600 and climbed above the descending trendline to hit the $ 2740 resistance.

Today’s price rally of 5.5% also allows ETH to bounce above the 20-day MA for the first time since falling below it on May 17. The price has to hit USD 2892 (50-day MA) before ETH can hit USD 3000 and resume its bull cycle.

ETH / USD daily chart | Source: TradingView

ETH / USD short term forecast

Looking ahead, the first resistance is at $ 2892 (Fib 0.382 of the recent decline and 50-day MA). This is followed by $ 3000, $ 3135 (Fib 0.5) and $ 3380 (Fib 0.618).

On the flip side, initial support is at $ 2800, followed by $ 2740, $ 2600, $ 2470 (Fib 0.382), and $ 2333 (Fib 0.5 & 100 day MA).

The RSI has crossed the center line, showing that the bulls are back in the game.

ETH / BTC – ETH trades in an ascending triangle

• Major support levels: 0.07 BTC, 0.067 BTC, 0.0648 BTC.
• Key Resistors: 0.0737 BTC, 0.075 BTC, 0.0769 BTC.

ETH does well against BTC too, but has yet to break through 0.0737 BTC to explode. The resistance level forms the top of the ascending triangle where the price has traded since its local low last week.

Over the weekend, ETH found solid support at 0.065 BTC (Fib retracement 0.5) and rose to the upside. The price broke above the 20-day MA on Monday. It is currently nearing the top of the triangle and a breakout will allow the pair to return to the May highs at 0.082 BTC.

ETH / BTC daily chart | Source: TradingView

ETH / BTC short term predictions

Looking ahead, a rally to 0.075 BTC is possible if the initial resistance at 0.0737 BTC (Fib 0.618 down) is overcome. This is followed by 0.0769 BTC (Fib retracement 1.414) and 0.08 BTC.

On the other hand, the initial support is currently at 0.07 BTC (20-day MA). This is followed by 0.067 BTC, 0.0648 BTC (Fib 0.5) and 0.0627 BTC (Fib 0.618).

The RSI has broken above the midline and hit a higher high, showing that the bulls are back.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Cryptopotato

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