Ethereum’s ETH is correcting gains from the 0.085BTC zone. It is now moving lower, but the bulls might remain active above the 0.0650BTC support.
Ethereum (ETH) Price Remains Well Bid Vs Bitcoin
In the last ethereum vs bitcoin analysis, we saw a topping pattern near the 0.0855BTC resistance. ETH/BTC started a downside correction and traded below the 0.077 support level.
There was a steady decline below the 0.075 level and the 50-day simple moving average (blue). The bears were even able to push the price below the 0.0720 and 0.0700 levels in a short-term bearish zone.
Etheruem’s daily price chart | Source: ETHBTC on TradingView.com
The price tested the 0.0672 support. It is near the 50% Fib retracement level of the upward move from the 0.0490 swing low to 0.0855 high. The price is now consolidating near the 0.0672 zone, with a minor bearish angle.
On the downside, there is a strong support waiting near the 0.065 level. There is also a crucial bullish trend line in place with at 0.0650BTC on the daily chart. The trend line is close to the 61.8% Fib retracement level of the upward move from the 0.0490 swing low to 0.0855 high.
A downside break below the 0.0650 level might send the price towards the 0.0580 zone. Any more losses may perhaps send the price towards the 0.0500 pivot region. On the upside, ETH is facing resistance the 0.0700 level.
The first major resistance is forming near the 0.0725 level. The main resistance sits near the 0.0750 level and the 50-day simple moving average (blue).
A clear move above the 0.0750 resistance could start a strong increase. In the stated case, the price may perhaps revisit the 0.085 resistance zone. Any more gains might open the doors for a move towards the 0.092 resistance. The next major barrier sits near the 0.10 level.
Overall, ether price is slowly moving lower versus bitcoin towards the 0.065 support zone. If the bears remain in action, the price might drop to 0.055 or even 0.050. Conversely, there might be a fresh increase towards the 0.075 resistance zone and then 0.085.
The post ETH/BTC: Ethereum Price Highly Bullish Vs Bitcoin Above This Crucial Support appeared first on CoinChapter.
