- Ethereum and Bitcoin bearish bullish forces cancel out as consolidation takes precedence.
- ETH/BTC is flirting with the 50 SMA in the 4-hour range; the technical picture remains drab.
The trading pair, ETH/BTC has been stuck in a range between 0.0245 and 0.0255 since the rally in the last week of May lost steam at the upper range limit. The choppy markets confirm that buyers are resorting to watching from the sidelines and leaving just enough energy to hold the price above the range support.
At the time of writing, ETH/BTC has a market value of 0.0249 and flirting with the 50 SMA in the 4-hour range. The same 50 SMA is holding the ground significantly above the 100 SMA as a display of strength from the bullish camp.
From a technical point of view, ETH/BTC could remain in consolidation a while longer. The RSI, for example, is horizontal at 50, a level it has sustained for over a week. This also presents an opportunity for traders to watch out for the inflection points which would signal the direction the price would take from the current level. The low trading activity is emphasized by the MACD’s sideways action at the mean line (0.0).
On the upside, gains above the range limit at 0.0255 could clear the path for a considerable bullish action. Another resistance is anticipated at 0.0260 as well as 0.0280. On the flip side, if the range support caves in, ETH/BTC would seek refuge at the 100 SMA (0.0242), 0.0240, and 0.0225.
Read also: Ethereum Price Prediction: ETH/USD $280 bullish scenario after consolidation – Confluence Detector
ETH/USD 240’ chart
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