Ethereum price declined below the 0.0342BTC support against bitcoin. ETH/BTC moved into a bearish zone and it could accelerate towards 0.0295BTC.
- Ethereum is under a lot of pressure below the 0.0330BTC support level.
- ETH/BTC broke a crucial breakout pattern with support at 0.0341BTC on the 4-hours chart of ETH/BTC.
- ETH price is at a risk of more losses towards the 0.0300BTC and 0.0295BTC supports.
Ethereum price analysis (ETH/BTC)
In the last analysis, we discussed that Ethereum price is at a risk of more downsides below the 0.0350BTC support versus bitcoin. ETH to BTC did move down and broke a few important supports near the 0.0340BTC and 0.0330BTC levels.
The 4-hours chart of ETH/BTC indicates that the price faced a fresh round of selling after it broke the 0.0350BTC support and the 50 simple moving average (4-hours).
There was a downside break below the 50% Fibonacci retracement level of the last leg from the 0.0319BTC low to 0.0360BTC high. More importantly, the price broke a crucial breakout pattern with support at 0.0341BTC on the same chart.
It opened the doors for a sharp drop and the price declined below the 0.0320BTC and 0.0315BTC. An immediate support is near the 0.0309BTC and the 1.236 Fib extension level of the last leg from the 0.0319BTC low to 0.0360BTC high.
If there are more losses, the price may test the 0.0295BTC support and the 1.618 Fib extension level. The last major support for the current wave is near the 0.0268BTC low.
On the other hand, if the price corrects higher, the previous support at 0.0325BTC and 0.0330BTC are likely to act as strong resistance. However, the key hurdle for buyers is near the 0.0342BTC level, which was the recent breakdown pivot level.
To sum up, Ethereum price is under a lot of pressure below the 0.0342BTC support. ETH/USD also declined sharply recently and it almost broke the $200.00 support. In the short term, there could be range moves in ETH/BTC, but there is a risk of more losses below the 0.0310BTC level in the near term.
Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis and has spent over a decade as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. Tou can follow him on twitter at @aayushJS or reach out to him at aayush[at]coingape.com