Ethereum’s ETH formed a short-term top near 0.085BTC. It is now moving lower and might even slide towards the 0.0650BTC support.
In the last ethereum vs bitcoin analysis, we saw a decent increase above the 0.065BTC resistance. ETH/BTC was able to clear the 0.075 level and 0.078 levels.
There was a clear move above the 0.080 level and the 50-day simple moving average (blue). However, the bears were active near the 0.085 level. A multi-week high was formed near 0.0855 and the price started a downside correction.
Etheruem’s daily price chart | Source: ETHBTC on TradingView.com
The bears were able to push the price below the 0.080 support level. The price traded below the 23.6% Fib retracement level of the upward move from the 0.0491 swing low to 0.0855 high.
Besides, there was a break below a major bullish trend line at 0.0760BTC on the daily chart. Ether price is now trading below the 0.075 level and the 50-day simple moving average (blue). It seems like the recent meltdown in ETH below the $1,500 level is dragging it lower versus bitcoin.
An immediate support is near the 0.0725 level. The next major support is near 0.0672 or the 50% Fib retracement level of the upward move from the 0.0491 swing low to 0.0855 high.
The main support is near the 0.0650 level and a connecting bullish trend line. A downside break below the 0.0650 level might send the price towards 0.060. Any more losses may perhaps send the price to 0.0580.
On the upside, ETH is facing resistance the 0.0765 level. A clear move above the 0.0765 resistance could send the price towards the 0.0800 resistance. The next major resistance is near the 0.0818 zone, above which the price could rise to 0.0855. Any more gains might open the doors for a move towards the 0.092 resistance.
Overall, ether price is signaling a downside break versus bitcoin below the 0.0760 support. If the bears remain in action, the price might drop to 0.067 or even 0.065. Conversely, there might be a fresh increase towards the 0.0818 resistance zone.
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