• Ethereum (ETH) price is showing bullish signs above the 50-day simple moving average.
• It broke a major contracting triangle with resistance at 0.0638BTC on the daily chart.
• The price could start a fresh rally toward the 0.0670BTC resistance zone.
Ethereum Price Bullish Above 50-Day Moving Average
Recently, Ethereum saw a sharp decline vs. Bitcoin below the 0.0630 level, but remained well supported near the 0.0605 and 0.0600 levels. The price reversed all losses and climbed back above the 0.0620 resistance zone, boosted by news of ETH futures ETF approval news which seems to be helping it against its peers, including Bitcoin and leading to a clear upside break above the 23.6% Fib retracement level of the downward move from the 0.0708 swing high to the 0.0605 low and trading above a major contracting triangle with resistance at 0.0638BTC on the daily chart..
Bullish Continuation Above Resistance Level
Currently, Ethereum’s price is trading well above both its 50-day simple moving average (blue) and its key resistance at 0.0630 level indicating chances of bullish continuation towards further higher levels in coming days if bulls manage to breach through immediate hurdle at .06550 mark which will open doors for further gains towards .06700 mark followed by .06850 before a possible move towards .07200 or even higher..
Downside Correction Capped Around Support Zones
On downside, decent support is forming near broken triangle zone at around .03635 level along with strong support base near .0630 & 50 day simple moving average (Blue). If bears break below this strong support then prices may likely drop towards next major support level near .06050 before further dropping towards .0580 mark in extreme bearish cases..
Overall, Ethereum’s price is showing bullish signs above key resistance around .0630 versus Bitcoin while any dip should be capped around this strong support as currently there exists high likelihood of prices breaking through current hurdles & heading further higher in coming days..
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