Ethereum trades 17% high this week after the altcoin surged to $3,350 to touch the levels above $3,825 (1.272 Fibonacci extensions).
ETH/USD – Ether Explodes Upwards
- Critical support zones – $3,640, $3,510, and $3,400
- Critical resistance zones – $3,825, $4,000 and $4,060
Ethereum managed to penetrate the consolidation formation this week. Remember, the pattern has existed since August. That was after ETH failed to overcome the resistance zone at $3,350. That led to a symmetrical triangle before the alt gained around 17% in one week.
On Tuesday, Ethereum bounced off the 20-d MA and cracked over the symmetrical triangle. After that, it moved to break the resistance level at bearish .618 Fibonacci ($3,350) before climbing over $3,400.
The leading alternative coin maintained bullishness throughout yesterday, surging from $3,400 to $3,825 highs (1.272 Fibonacci extensions). The asset retraced slightly after that, trading near $3,765.
ETH/USD Near-Term Price Forecast
If ETH bulls managed to conquer $3,825 (1.272 Fibonacci Extension), the initial resistance locates at $4,000. The following one are 1.414 Fibonacci Extension ($4,060), $4,200, 1.618 Fibonacci Extension ($4,280) and $4,400.
On the other hand, the initial support is at .236 Fibonacci ($3,640), followed by .382 Fibonacci ($3,510), .5 Fibonacci ($3,400) and 20-day Moving Average ($3,300). The Relative Strength Index also rises as the market witnesses increasing bullish momentum.
ETH/BTC – ETH On 3-Month High
- Crucial support areas – 0.0733 BTC, 0.07 BTC, and 0.0677 BTC
- Critical resistance areas – 0.0765 BTC, 0.0785 BTC, and 0.08 BTC
Ethereum extends its actions outperforming Bitcoin after breaking the 0.0733 BTC August high yesterday. The asset managed to overcome the descending channel on Monday as ETH rose to 0.068 BTC.
On Tuesday, Ethereum went over 0.07 BTC after conquering the resistance levels at bearish .618 Fibonacci (0.072 BTC). The alt extended its uptrends yesterday to attain 0.0785 BTC highs before declining towards 0.0751 BTC.
ETH-BTC Near-Term Price Forecast
Ahead, the pair has its initial resistance at bearish .786 Fibonacci (0.0765 BTC), followed by 0.0785 BTC, 0.08 BTC, and May highs at 0.083 BTC. Meanwhile, the initial support lies near August highs at 0.0733, followed by .618 Fibonacci (0.07 BTC), .786 Fibonacci (0.0677 BTC), and 100-d and 50-d MA (0.065 BTC). The RSI supports buyers’ actions to take the crypto higher.
Stay tuned for more updates.