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.
- 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.
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.