Ethereum Price Analysis — ETH Continues To Climb Against BTC But Can We Breach ₿0.023?

Since our previous ETH/BTC analysis, we can see that ETH continued to be held at resistance at the ₿0.2190 level. During late-Sep and early-Oct we can see that Ethereum had created an ascending triangle pattern against BTC. This was a bullish signal for ETH as ascending triangles will typically resolve themselves toward the upside.

It seems that the pattern did break to the upside over the past few days after ETH smashed above ₿0.022 and climbed as high as ₿0.02326 before rolling over. Now that Ethereum has managed to break above the ascending triangle, we should see the cryptocurrency continue to climb higher and possibly head back towards the ₿0.025 area.

The break above the ascending triangle has certainly made Ethereum bullish against Bitcoin. For this bullish trend to continue, we would need to see ETH rise further higher and break above the ₿0.023 level at some point in the next few days. For the bullish trend to be invalidated and considered as neutral, we would need to see ETH drop back beneath the ₿0.022 level.

Initial resistance toward the upside is expected at ₿0.022955 (1.272 Fib Extension), ₿0.02326, ₿0.02369 (1.414 Fib Extension), and ₿0.02395. If the buyers can continue to climb higher and rise above the ₿0.024 level, higher resistance can be located at ₿0.02423 (bearish .5 Fib Retracement), ₿0.02474 (1.618 Fib Extension & 200-day EMA), and ₿0.025.

Alternatively, if the bears regroup and start to push the market lower, we can expect immediate support to be located at ₿0.022. Beneath this, support can be found at ₿0.02186, ₿0.02150 (100-day EMA), and ₿0.021.

If the selling continues beneath ₿0.021, further support can be found at ₿0.0204, ₿0.01963, ₿0.01918, ₿0.01839, and ₿0.01790.