New Delhi(CoinChapter): Ethereum’s ETH price is declining from the 0.0750BTC zone. There could be a strong decline if the bulls fail to protect the 0.070BTC support.
Ethereum (ETH) Price Struggles Vs Bitcoin
In the last ethereum vs bitcoin analysis, we saw a short-term rising pattern. ETH/BTC attempted a fresh increase above the 0.0720 resistance zone.
However, the bears appeared near the 0.0760 and 0.0758 levels. A high was formed near 0.0759 and the price reacted to the downside. There was a steady decline below the 0.0740 support zone and the 50-day simple moving average (blue).
Etheruem’s price daily chart | Source: ETHBTC on TradingView.com
The price declined below the 50% Fib retracement level of the upward move from the 0.0686 swing low to 0.0759 high. It is now approaching the 0.0710 support zone.
Ethereum price seems to be struggling to stay above a key contracting triangle support at 0.071BTC on the daily chart. The triangle support is near the 76.4% Fib retracement level of the upward move from the 0.0686 swing low to 0.0759 high.
On the downside, there is a strong support forming near 0.0710. The main support seems to be forming near the 0.0700 level. If there is a downside break below the 0.0700 support, the price might start a major decline.
The next major support could be near the 0.0654 level, below which the price may perhaps dive towards the 0.0600 support zone.
Another Upside Break Attempt?
On the upside, ether seems to be facing resistance near the 0.0740 level and the 50-day simple moving average (blue). The triangle resistance sits near the 0.0750 zone. A clear upside break above the triangle trend line resistance and 0.0755 may perhaps start a steady increase.
In the stated case, the price may perhaps rise towards the 0.0790 resistance. Any more gains might clear the path for a move towards the 0.0860 zone or even 0.0900.
Overall, ethereum price is showing a few bearish signs below the 0.0740 level versus bitcoin. If there is a clear downside break below the 0.0700 support, there could be a strong bearish reaction. Conversely, ETH price could make another attempt to clear the 0.0750 and 0.0755 resistance levels.
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