eth btc

ETH/BTC Analysis: Ethereum Price is Facing Uphill Task vs Bitcoin

Ethereum price traded to a new yearly low below 0.0300BTC against bitcoin and below $200 against the US Dollar. ETH/BTC is currently correcting higher, but it could face sellers near 0.0314BTC.

Important points

  • Ethereum dropped heavily below 0.0300BTC and traded close to 0.0270BTC.
  • There is a significant bearish trend line formed with resistance at 0.0315BTC on the 4-hours chart of ETH/BTC.
  • ETH price is likely to find a strong selling interest above 0.0310BTC in the near term.

Ethereum price analysis (ETH/BTC)

In the last analysis, we discussed that Ethereum price is in big trouble below 0.0350BTC versus bitcoin. ETH to BTC remained in a nasty downtrend and declined below the 0.0320BTC and 0.0300BTC support levels.

The 4-hours chart of ETH/BTC indicates that the price even broke the 0.0280BTC support and traded to a new yearly low at 0.0269BTC. Later, there was a short-term consolidation followed by an upside correction above the 0.0280BTC level.

ETH BTC
Chart sourced by TradingView, Bitfinex

During the rise, there was a break above the 23.6% Fibonacci retracement level of the last key decline from the 0.0358BTC high to 0.0269BTC low. Moreover, buyers pushed the price above a connecting bearish trend line with resistance at 0.0290BTC on the same chart.

It opened the doors for more gains and the price is currently testing the 0.0300BTC resistance, which was a support earlier. Above this, the next resistance is near the 50% Fibonacci retracement level of the last key decline from the 0.0358BTC high to 0.0269BTC low at 0.0314BTC.

More importantly, there is a significant bearish trend line formed with resistance at 0.0315BTC. Lastly, the 50 simple moving average (4-hours) is positioned near the 0.0323BTC.

Therefore, if the price continues to move higher, it could face a lot of offers near the 0.0315BTC and 0.0320BTC resistances. A proper close above 0.0323BTC may well clear the path for a test of 0.0350BTC.

On the other hand, if Ethereum price fails to gain momentum above 0.0315BTC, it may decline once again below 0.0280BTC. Similarly, ETH/USD must break the $200 and $220 resistance levels. If not, there could be a fresh downward move towards $160 in the near term.

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ETH/BTC Analysis: Ethereum Price is Facing Uphill Task vs Bitcoin
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ETH/BTC Analysis: Ethereum Price is Facing Uphill Task vs Bitcoin
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Ethereum price traded to a new yearly low below 0.0300BTC against bitcoin and below $200 against the US Dollar. ETH/BTC is currently correcting higher, but it could face sellers near 0.0314BTC.
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COINGAPE
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About Aayush Jindal 11 Articles

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.