ETH at its highest level against BTC since December 2021, what next? (Ethereum price analysis)

Ethereum has resumed its upward trajectory in recent days. This happened after the bears failed to push the price below the $1,420 support level, and the positivity is highlighted by the fact that Ethereum is trading at its highest price against Bitcoin since December 2021.

Technical Analysis

past grizzly

daily chart

At the end of August, the bears managed to recover from the July gains and pushed the price towards the 61.8% Fibonacci level, which is located at $1,420. The important resistance to consider now is $1,800. Interestingly, the price tried to push the price above it at the beginning of August, but it eventually fell below it.

Ethereum has not touched its 200-day moving average (in white), which is at $2,112, since April. This moving average is closely related to the resistance in the descending line (in red). If the price manages to surpass $1,800 before consolidation, a retest of the 200-day moving average is more likely.

Alternatively, if the price declines, support will be found in the $1280 to $1350 range. A breakout below these levels could trigger an extended pullback.

Important support levels: $1,420 and $1,300
Key resistance levels: $1800 and $2100

Daily Moving Averages:
MA20: $1,596
MA50: $1,658
MA100: $1,497
MA200: $2,112

Source: TradingView

ETH/BTC . Chart

As of this writing, buyers are in control of the market and trying to close the price above 0.082 BTC (in red) on the daily chart. The last time ETH traded this high against BTC was in December 2021.

The next resistance level is at 0.0883 BTC (in white), which was reached on December 9, 2021. Assuming the bulls can raise the price by 6%, Ethereum will rise to its highest level since 2018.

Ahead of the merger event, this could mark a significant milestone for Ethereum.

Important support levels: 0.0.0.082 and 0.073 Bitcoin
Key resistance levels: 0.088 and 0.093 Bitcoin

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Source: TradingView

Sentiment Analysis

Buy and Sell Take Ratio (SMA 14)

identification: The ratio of purchase volume divided by volume of sale to buyers in permanent swaps.

Values ​​above 1 indicate that the uptrend is in control.

Values ​​less than 1 indicate that the downtrend is dominant.

Positive sentiment prevails in the derivatives market. Receivers now tend to fill more purchase orders. Because of this, the current measure is above 1. The uptrend in July has followed the momentum of this indicator, which is growing above 1.

At the moment, Ethereum is the undisputed market leader.

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Source: CryptoQuant

Beyond ETH at its highest levels against BTC since December 2021, what’s next? (Ethereum Price Analysis) First appeared on CryptoPotato.

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