This past week, Bitcoin (BTC) price had many investors biting their nails as the top crypto asset turned bearish and is currently fighting to stay above crucial support at $8,300.
Meanwhile, altcoin investors are growing increasingly bullish sentiment wise and a number of lesser-known altcoins rallied impressively throughout the week. Ether price (ETH) is also heating up and the ETH/BTC pair is continuing to flash bullish signals.
Crypto market data daily view. Source: Coin360
The Nov. 15 drop from $186.59 brought Ether price below the ascending trendline and below the $177.57 area where the altcoin has bounced on 3 previous occasions. Ether price eventually found support at $176.79 and has since reversed course and begun to recover lost territory.
ETH USD daily chart. Source: TradingView
The Bollinger Bands and underlying support at $177.57 and $176.79 suggest that Ether has temporarily bottomed and the price is likely to make an attempt to return to the middle Bollinger Band moving average, which is directly aligned with the ascending trendline at $185.28
ETH USD 6-hour chart. Source: TradingView
Based on Ether’s price action since Oct. 27, the current bounce off support appears to be a good entry point for 3.5% to 3.94% gain. Risk-averse traders will probably wait for the price to break above the ascending trendline at $185.28 before considering an entry.
Aggressive traders may have concluded that if Ether price returns to its most recent range an entry at $179.50 represents a 7.08% profit opportunity.
The moving average confluence divergence (MACD) on the 6-hour timeframe shows the MACD line beginning to curve up toward the signal line and the histogram bars have shortened and flipped from red to pink as buying volume increases.
As mentioned earlier, a move to $185.28 would place Ether back above the 50-DMA and the ascending trendline. The volume profile visible range shows a lot of selling pressure at $180 to $186.93. But if the price can clear this…