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

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.