ETH tests previous ATH again, upward trend continues?

While the ETH / USD pair is struggling to hold support, the ETH / BTC pair is showing strong signs of an imminent breakout.

ETH has fallen since hitting an all-time high of $ 4,867 on Nov. 9. The decline led to $ 3,960 on November 18 before the token caught up again. A long wick (green symbol) appears at the bottom, which is a sign of pressure to buy.

The wick is created within the support range of $ 4,180. This is a very important price zone as it previously acted as resistance at all time highs. Hence the power drop is like retesting after the outbreak.

The next area of ​​support is at $ 3,650. This is the .382 fib retracement support.

ETH / USDT daily chart | Source: TradingView

The two-hour short-term chart shows that ETH broke the descending resistance line and then confirmed it as support (green symbol).

This is another bullish sign indicating that the short-term correction is over.

ETH / USDT 2-hour chart | Source: TradingView

ETH / BTC

Trader @ Pentosh1 sketched an ETH / BTC chart and said the pair could rebound to ₿0.1.

The daily chart shows the trading of ETH / BTC in a symmetrical triangle. This has been the case since May 13th.

While the triangle is considered a neutral pattern, it occurs after an upward movement. Hence, an upward breakout would be more likely than a collapse.

In addition, technical indicators support the continuation of the upward trend.

The MACD, formed by the short and long-term moving averages (MA), is in positive territory and rising. This means that the short-term MA is moving faster than the long-term MA.

Additionally, the RSI, a momentum indicator, is above 50 and rising. This is a sign of an upward trend.

ETH / BTC daily chart | Source: TradingView

The wave number also indicates that ETH / BTC is on the fourth wave of a bullish pulse. Wave four is usually in the shape of a symmetrical triangle. After the triangle closes, there is likely to be another upward move that will push ETH to new highs.

The external fib retracement level of 1.61 on wave four delivers a target of ₿0.099, which corresponds to the level outlined in the tweet.

3-day frame ETH / BTC chart | Source: TradingView

You can see the ETH price Here.

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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.

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