- ETH/BTC has developed a strong upside momentum.
- The next important resistance is created by $0.0250.
Ethereum continues gaining ground against BTC. The second-largest digital asset broke free from the triangle pattern and hit $0.0247, which is the highest level since March 13. At the time of writing, ETH/BTC is changing hands at $0.0242, while ETH/USD settles above $172.00, which is 12% higher from the beginning of the day. Notably, BTC has gained only 6% against USD, which explains ETH growth against the first digital coin.
ETH/BTC sustains the recovery
From the technical point of view, ETH/BTC move above broke an important resistance level created a strong upside impulse and pushed the price to the next technical barrier created by 50% Fibo retracement for the above-said movement at 0.0243 BTC. If it is cleared, 0.0250 BTC and 0.0253 BTC (61.8% Fibo retracement) will come into focus.
On the downside, the initial support is created by 0.0240 BTC. This area is followed by 0.0236 BTC (the previous recovery high). However, the coin will retain the upside bias as long as it stays above the broken triangle and 23.6% Fibo retracement at 0.0234 BTC.
ETH/BTC 1-hour chart
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