Initial resistance is the record daily close at .1058, followed by the record high just shy of .113. A break above there would target the .14 handle. This is the 200% extension of the recent correction, as well as the point where the leg up from the May lows is roughly double the initial Dec '16 - Mar '17 rally (.1398). Bare in mind though, we are essentially charting the uncharted here and anything is possible: we could easily fail before there, or continue to plow higher. Whatever happens, it's been a great trade already.
Initial support is the .81 - .865 former resitance zone, marked by Saturday's low and the May 22 and 24 highs. A break below .81 would turn us neutral on this pair and likely signal a more prolonged period of consolidation.
Longer term we remain extremely . We purchased a little bitcoin to top up a margin position on this pair on Sunday and the transaction cost 7% and took 45m to complete. We did the same again today, looking to once again top-up margin and add to our ETHBTC long. This time we chose to fund our margin account with Ethereum ... the transaction cost just 0.7% and only took 8 minutes to complete. In other words for a small transaction like this, Ethereum is 10x cheaper and nearly 6 times faster. Is it any wonder Ethereum is on the rise against Bitcoin?