Key Takeaways:
- Ether price is currently consolidating losses below the 0.0700BTC resistance zone.
- ETH/BTC is trading above a major bullish trend line with support at 0.0660BTC on the daily chart.
- The price might start a fresh increase unless there is a clear move below 0.0630BTC.
Ethereum’s ETH is consolidating above the 0.065BTC zone. The bulls might aim a fresh upward move if the price stays above the 0.0630BTC support.
Ethereum (ETH) Price Holds Support Vs Bitcoin
In the last ethereum vs bitcoin analysis, we saw a downside correction from the 0.0855BTC resistance. ETH/BTC traded below a few key supports near the 0.074 level to move into a short-term bearish zone.
The bears were able to push the price the 0.070 level and the 50-day simple moving average (blue). The price settled below the 0.070 level and started trading in a range. It seems like the bulls are currently active near the 0.067 level.
Etheruem’s daily price chart | Source: ETHBTC on TradingView.com
The 50% Fib retracement level of the main increase from the 0.04912 swing low to 0.08557 high is acting as a minor support. The main support seems to be forming near the 0.065 level.
There is also a major bullish trend line forming with support at 0.0660BTC on the daily chart. The 61.8% Fib retracement level of the main increase from the 0.04912 swing low to 0.08557 high is just below the trend line support.
If the bulls fail to protect the trend line support and 0.0630, there is a risk of a major decline. The next major support could be near the 0.0585 level. Any more losses may perhaps send the price towards the 0.0500 support area.
Conversely, the price might continue to consolidate above 0.0650 and could start a fresh increase. On the upside, ETH is facing resistance the 0.0700 level. The first major resistance is forming near the 0.0730 level and the 50-day simple moving average (blue).
A clear move above the 0.0730 resistance may perhaps start a steady increase. In the stated case, the price may perhaps revisit the 0.080 resistance zone. Any more gains might open the doors for a move towards the 0.085 resistance. The next major barrier sits near the 0.092 level.
Overall, ether price is consolidating above the 0.065 support zone versus bitcoin. If the bears gain strength, the price might drop to 0.0585 or even 0.050. Conversely, there might be a fresh increase towards the 0.073 resistance zone and then 0.082.
