ETH/USD – Ether with a Near-term Symmetrical Triangle
While BTC met a rejection earlier on the week after rebounding to $40K, Ethereum reached new highs of about $2900, hitting the bearish .382 Fibonacci resistance. After that, the second-largest digital object declined over the last few days, standing at about $2200, .618 Fib, some hours ago.
From ETH daily chart, the virtual coin has been trading in a symmetrical triangle over the past week. Today, Ethereum rallied from its lowest boundary, reaching the $2200 level. The triangle’s apex extends to the first weeks of June. For that reason, investors can expect a breakout at any time.
ETH/USD Near-term Price Forecast
For what prevails ahead, the next resistance level lies around $2470. Others that follow include $2980, $2740, and $2650. At $3k, you can expect a .382 Fib, bearish, and 50- dsma.
On the other hand, the first support is around $2330 (100- DMA and .5 Fib). $2200, the lowest of today, follows with .618 Fib, $2035 (February highest), and $1888.
At the moment, the daily RSI points upward, looking to head to the midline. The RSI will have to go past the 50 zones for high bullish momentum to ensure a bull’s breakout.
ETH/BTC – Bulls at .5 Fib area
Vital Support Areas – 0.0627 BTC, 0.0648 BTC, 0.067 BTC
Vital Resistance Areas – 0.075 BTC, 0.0737 BTC, 0.07 BTC
Ethereum pushed to 0.0737 BTC at the beginning of the week after rebounding from 0.06 Bitcoin early last week. After that, the virtual coin failed to overcome the resistance level at .618 Fibonacci, bearish.
With that, ETH/BTC dropped over the last few days before finding support at 0.0648 BTC yesterday (.5 Fib). However, it bounced from the level, trading at 0.0678 BTC.
ETH/BTC Near-term Price Forecast
In terms of forecast, the pair will have the first resistance at 0.07 Bitcoin (20-Dma), 0.077 BTC (1.414 Fib retracement, 0.075 BTC, and 0.0737 BTC – .618 Fib, bearish follow.
Furthermore, the first support area is around 0.067 BTC. 0.06 BTC, 0.0627 BTC, and 0.0648 BTC will follow.
Meanwhile, the RSI trades slightly under the midline as bulls try to regain and control the market’s momentum. Moreover, the Stochastic RSI seems ready for a bullish scenario.