Against Bitcoin, ETH bounced back after dropping slightly below 0.021 BTC level last week. This price area is now serving as base support following a 3-week steady decline from the 0.026 BTC resistance level.
The recent recovery has brought the current trading price to 0.022BTC. However, Ethereum is now preparing for another increase after providing a discount at around 0.0217 BTC yesterday. As can be seen on the 4-hours chart, the price is slowly rising near yesterday’s high of 0.0222 BTC level, which is an essential level for a potential bullish continuation.
However, more positive actions can be expected once ETH finds a break above the 0.0222 BTC resistance. The only condition for a negative action is if the price drops significantly below the 0.020 BTC.
From a technical perspective, Ethereum is starting to show signs of recovery as buyers could gain control if the setups become significant.
Ethereum Price Analysis
If Ethereum fails to surpass yesterday’s high of 0.0222BTC level, the price could roll back to the green support area of 0.021 BTC. Support below this area lies at 0.0205 BTC (last week’s bottom). However, close support at 0.0215 BTC could serve as a short rebound level if buyers can act upon it.
On the other hand, ETH would need to clear the mentioned 0.0222 BTC before it can continue to bring more gains towards the 0.023 BTC and 0.0241 BTC resistance levels, marked orange on the price chart. So far, the price has been in favor of the bulls for the past four days now.