The Ethereum price has steadily increased since its March 13th bottom. It has also risen much faster than BTC creating bullish momentum in the corresponding ETH/BTC price.
However, ETH/BTC is quickly approaching a crucial resistance area. Well-known trader @PostyXBT outlined an Ethereum chart that shows the price approaching an important resistance level from March.
He stated that he will not turn bullish until that level has been breached. He does not expect that to happen in the near future:
$ETH #ETHBTC Can’t get too excited until Aprils range highs are flipped into support. It’s that simple for me. If we see some more BTC volatility, I don’t expect this anytime soon.
The aforementioned resistance level is found at ₿0.026 and the bulls are rapidly approaching it. In addition, Ethereum is following a steep resistance line that will coincide with the resistance area by the middle of June.
There is no bearish divergence in the RSI yet, so the upward move is likely to continue, at least until the price reaches the aforementioned resistance area.
The short-term chart aligns with this view since ETH is in the process of breaking out from a descending resistance line and moving towards the outlined resistance area. The breakout will be confirmed by an hourly close above this line.
Ethereum/Dollar
ETH/USD is also following an ascending support line. Since May 27th, the price has successfully moved above both the $215 and $245 resistance areas and is currently approaching the next one around $285.
Yesterday’s breakout occurred with above-average volume, a sign that the price is likely to continue moving upwards. Furthermore, the 50 and 200-day moving averages (MA) have made bullish crosses, and the price is trading above both of them.
Therefore, as long as ETH stays above $245, it is likely to move towards $280.
