Ethereum Price Analysis: ETH/BTC breaks from triangle pattern
|- ETH gains ground against BTC amid strong recovery momentum.
- ETH/USD moves above daily SMA50, the technical picture improves.
Ethereum, the second-largest digital asset jumped above $160.00 and hit an intraday high $168.05 against USD. Notably, the coin has been also gaining ground against BTC. ETH/BTC hit 0.0241 BTC and retreated to 0.0239 BTC by press time.
ETH/BTC breaks free from the triangle pattern
From the technical point of view, ETH/BTC broke above an important resistance level created by a combination of the upper border of the triangle pattern and 23.6% Fibo retracement for the downside move from February 18 high 0.0284 BTC. This development triggered by a broad altcoins recovery created a strong bullish impulse and pushed ETH to the highest level since March 14.
Notably, the upside momentum remains strong despite the retreat from the intraday high, which means the coin may retest 0.0241 and move to the next technical barrier created by 50% Fibo retracement for the above-said movement at 0.0243.
ETH/BTC: daily chart
ETH/USD heads towards $170.00
ETH/USD tested waters below $150.00 during early Asian hours, however, the dip was heavily bought. The momentum pushed the coin back above critical $150.00, while improved sentiments on the cryptocurrency market helped the coin to extend the recovery above the broken upside trendline (currently at $158.50) and towards psychological $160.00.
The coin also managed to move above daily SMA50 and touched $168.05. The next strong resistance is created by $170.00 and daily SMA200 at $172.50. This area is likely to slow down the bulls. However, Once it is out of the way, the upside is likely to gain traction with the next focus on $180.00 reinforced by the upper line of the daily Bollinger Band and $182.00 (daily SMA200).
ETH/USD daily chart
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