New Delhi(Coinchapter.com): Ethereum’s ETH is declining from the 0.0780BTC zone. There could be more downsides if the price fails to stay above the 0.065BTC support.
In the past few days, there were bullish moves in ethereum and bitcoin. However, ETH/BTC failed to stay in the positive zone, as btc price outperformed eth.
There was a steady decline from the 0.078 resistance zone. The price traded below a few important supports near 0.075 to enter a bearish zone. Besides, the price traded below a crucial bullish trend line with support at 0.0725BTC on the daily chart.
Etheruem’s price daily chart | Source: ETHBTC on TradingView.com
The price even declined below the 0.070 support zone and the 50-day simple moving average (blue). It traded as low as 0.0675 and is currently consolidating losses.
On the upside, ethereum seems to be facing resistance near the 0.0700 level. It is close to the 23.6% Fib retracement level of the downward move from the 0.0779 swing high to 0.0675 low. The first major resistance is near the 0.0725 level and the 50-day simple moving average (blue).
The 50% Fib retracement level of the downward move from the 0.0779 swing high to 0.0675 low is also near the 0.0725 zone. A clear upside break above the 0.0725 resistance may perhaps start a steady increase.
In the stated case, the price may perhaps rise towards the 0.0780 resistance. Any more gains might clear the path for a move towards the 0.0820 zone or even 0.0860.
If not, ether price could continue to move down below the 0.0675 support. On the downside, there is a strong support forming near 0.0665. The main support seems to be forming near the 0.0650 level. If there is a downside break below the 0.0650 support, the price might start a major decline.
The next major support could be near the 0.0600 level, below which the price may perhaps dive towards the 0.0565 support zone.
Overall, ethereum price is showing a few bearish signs below the 0.0700 level versus bitcoin. If there is a clear downside break below the 0.0650 support, there could be a strong bearish reaction. Conversely, ETH price could make another attempt to clear the 0.0720 and 0.0750 resistance levels.
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