Interesting chart setup for Ethereum versus Bitcoin, Vitalik has announced the ETH 2.0 project, bullish fundamentals in my opinion for the ETH markets. Lets take a look at the technical picture to get an idea of what to expect.
The market is still trying to find a bottom and we can see good buying support around the 0.0309 btc price zone. I have spotted a nice divergence between the price and momentum here, higher risk traders will be looking for the breakout to the top side, should resistance fail.
Resistance on the the shorter term here in my opinion is at 0.0313 btc and a break with consolidation above this zone should give us some nice gains as the price plays catch-up with the momentum.
Please remember that no candlestick formation / trading strategies has a 100% success rate so we will prepare for a move in any direction. Should the bulls fail to break through the resistance, here is what to look out for.
Support on the near term is at around 0.031 btc and I will look to this level for a possible bounce, or in the case of a failure, a possible short and re buy at lower prices. I am leaning towards the first option, as Ethereum has led the charge many times for crypto in the past! Safe trades.