- ETH/USD is growing amid strong bullish momentum.
- The recovery is capped by the upper line of a triangle pattern.
Ethereum experienced a sharp growth against BTC following a major breakthrough in ETH/USD. At the time of writing, ETH/BTC is changing hands at $0.02585. The price tested a critical technical barrier created by $0.0260, but the upside momentum faded away on approach to the strong resistance.
ETH/BTC faces a tough barrier
From the technical point of view, ETH/BTC has been moving within a large triangle formation since April 18, after ETH broke above 50% Fibo retracement for the downside move from February 2020 high. The resistance created by the upper boundary of the triangle at $0.02600 has been verified on several occasions during the recent week. If the bulls manage to take it out, the upside momentum will start snowballing with the next focus on $0.02700 and $0.2740, which is the highest level since March 7.
On the downside, the initial support is created by the 61.8% Fibo retracement for the downside move from February 2020 high at $0.0253. This area is followed by the lower line of the triangle at $0.0251 and 50% Fibo retracement at $0.0243.
ETH/BTC daily chart
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