Ether and bitcoin prices are looking to set their sights after a 40 percent increase last week. Over the past few weeks, Ethereum (ETH) price movement has been following the Bitcoin (BTC) price, and traders have been able to skillfully capture good volatility with support at $ 162 and $ 153. A comparison of the daily and weekly charts of Ether and Bitcoin highlights a number of similarities, most notably the doji candlestick just above the wedge pattern arm. As the bitcoin’s explosive momentum subsides, ether stabilizes in the current range.
Weekly chart analysis
Looking at the weekly chart, we find that traders are likely to enjoy the weekends and wait for the market to provide a reliable movement signal. Let’s take a look at the charts to see where the price of ether might be. Like bitcoin, the ether moves out of the descending channel (wedge for ether) in a low oscillating range. On a daily basis, the exponential moving average (EMA) 12 is slightly above 26 EMA, and the VPVR indicates that Ether needs to exceed the $ 184.27 and $ 185.12 price range to increase its volume. As has been the case in recent weeks, price patterns have yielded favorable results, with an increase of 4.30% at the price of $ 177.60.
Like bitcoin, the Bollinger bands indicator is also tightening and the ether is above the moving average range. A sudden move to $ 187 can easily surpass the $ 180 to $ 184 price range and move the price to the upper arm of the Bollinger Bond indicator. The move could bring a 5 percent increase to $ 191 and also give Ether an opportunity to lower the double bottom below $ 153, which is a confirmation of the upside.
Traders look at price movements
Finally, traders want to see the ether above $ 194, which is in line with the 200-day moving average and the 61.8% Fibonacci retracement level. That puts the price close to $ 204, which was the first target after two points lower at $ 153 on October 23. The ETH / BTC pair seems to be almost unchanged, and for the benefit of traders, the threshold should be above 0.021100 Satoshi and should rise to at least 0.021961.
Currently, the latest ether price move can be considered as a neutral move, so the neutral doji candlestick has formed directly outside the wedge at the weekly interval. On a weekly basis, bitcoin is in a similar position, but is trying to overcome the $ 9,400 resistance level. Investors are well aware of the fact that Ether tends to follow the Bitcoin price movement to be able to follow the Bitcoin path properly.