- ETH/USD sets new all-time highs while it heads to the ceiling of its current channel, the last resistance before $1000
- ETH/BTC change of trend gave the signal for the current bullish ride, still useful to the analysis
Ethereum price is setting all-time highs with big candles from the last couple of days. ETH/USD is trading just below the mid-line from the triple channel that holds the price since last May.
ETH/BTC developments have been key to detect the last Ethereum rise, with the current upswing in the main Cryptocurrency cross pair setting up a big part of the current technical scenario for the ETH/USD.
ETH/USD Daily Chart
-636492734931389343.png)
MACD shows an opening and inclination backing the upside and even a potential bullish breakout. If that happened, the target for the bulls would be around $1100. First support is around $620, with the second one coming at $500.
Directional Movement Index in this chart also backs the upwards scenario, with buyers moving above the ADX line. The number of sellers is going down again after a slight increase during these last days.
As we did observe last December 13th, ETH/BTC set the current bullish ride that has taken Ethereum price at the doors of the $1000 landmark, and ready to open it.
As of now, ETH/BTC is still useful to track the potential reach of the current Ethereum uptrend. As we can see in the chart below, ETH/BTC has a trendline around 0.4995, a level that can be translated to ETH/USD as a moving target. Thus, chances of a bullish breakout of the central channel in the ETH/USD are growing, and such an action would take Ethereum price up to $1100.
ETH/BTC Daily Chart
-636492740684169888.png)
In this chart, MACD shows a bullish bias but still inside negative territory. This is limiting the current bullish ride or, at least, keeping it from being too fluid.
Directional Movement Index is indicating rising buyers in ETH/BTC cross pair but still with no backing from ADX, so the current trend is weak.
Conclusion
Ethereum has been experiencing a weak performance relatively to Bitcoin during the last months. That consistent bearish trend was reversed last December 13th and since then, ETH/USD has been outperforming BTC/USD.
The first level to track as a potential bullish ETH/BTC is 0.50. If that is broken, ETH/BTC could go all the way up to 0.70 as its next stop.
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