Ethereum has been one of the Altcoins performing exceptionally well against the Bitcoin. Throughout this period of Altcoin market volatility, we have seen the Ethereum price soar, almost attaining a parabolic accent against Bitcoin.
And I believe the ETH/BTC pair still has a lot of bullish potentials left especially with all the positive news, mass adoption, and blockchain improvement coming into the Ethereum cryptocurrency space.
In this article, I will be carrying out an in-depth technical analysis on the ETH/BTC pair, and providing you with my honest opinions, market forecast, important levels, and targets for the coming days.
Ethereum Currently Bouncing On Support
Ethereum is currently trading in a bullish channel with the price bouncing off the channels’ support and resistance line.
After pushing up for a couple of weeks, the Ethereum price is currently retracing, and I believe we might have found support at the 0.0327 level.
This level also served as resistance for the Ethereum price in the past, making it an important price level to watch out for to see how the Ethereum price interacts with it in the coming days.
My Ethereum Price Forcast For Next Week
I will be giving you my outlook for both the bullish and bearish scenario in Ethereum, this way you can be fully prepared to take advantage of the price no matter what it decides to do.
My Bullish Price Forcast
I would like to see ETH/BTC hold that 0.0327 support region and then start bouncing off of it in the coming days. This will give us a repeat pattern just like we saw a few days ago.
If this scenario plays out, I will be looking for a +16% price surge in the coming days. This would put price at the 0.03809 price target which also coincides with the resistance region of the ascending channel.
My Bearish Forcast
The most important level I am watching for this bearish outlook is the 0.0327 support region.
A break of that support could see more bullish pressure coming into the market and a potential move lower in the coming days.
The target level for this bearish move will be the 0.0277 price region. This region as served as a strong resistance and support in the past and might be strong enough to hold the price back from crashing further in the future.
For a list of the top best Altcoins to put on your watch list and trade during this coming bull run, check out my Top 25 Cryptocurrencies by Market Capitalization
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With.