Ethereum Losing to Bitcoin

Ethereum Losing to Bitcoin 13

Ethereum continues to lose to Bitcoin while trading within the downtrend channel. All attempts to produce higher high failed but yet it made a new lower low after breaking below BTC 0.046 today.

The nearest strong support, corresponding with a round psychological price is BTC 0.04 and that is where ETH/BTC might be heading towards.

At this point, buying is too early as sellers are dominating this crypto pair. If/when ETH/BTC will hit the support at 168.2% Fibonacci retracement, this level should be watched closely as it should give some clues about the further direction of Ethereum as well as Bitcoin.

ethbtc technical analysis