Ethereum Price Analysis: ETH/BTC holds above the 50-day SMA
|- Ethereum bulls flex their muscle against Bitcoin as the price gains traction within an ascending channel.
- A break above the resistance at $0.0260 would allow the bulls to launch the next attack on 0.0280 BTC hurdle.
Ethereum price has been bullish against Bitcoin since the crash in the cryptocurrency market on March 12. Last week, the digital asset broke out incredibly, stepping above the 50-day SMA. The bullish leg extended upwards and touched the hurdle at 0.0260 BTC. A reversal from the resistance appears to have found support above 0.0250 BTC.
Meanwhile, ETH/BTC is dancing at 0.02508 amid a building bullish momentum. The price action since March 12 has also been contained within an ascending channel whose support has been essential to the progress made until now.
From a technical point of view, Ethereum is poised to rise higher against Bitcoin in the coming sessions on Tuesday. For instance, the MACD has not only crossed into the positive region but also features a bullish divergence as a sign of improving bulls’ influence over the price.
Consequently, the price is above the 50-SMA in the daily range, which further emphasizes the ability of the buyers to hold onto the throttle. On the upside, gains above the hurdle at 0.0260 BTC could easily allow smooth sailing past the key resistance at 0.0280 BTC.
ETH/BTC daily chart
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