Ethereum Price (ETH) Could Extend Decline Versus Bitcoin (BTC)
Ethereum price failed to clear
the $185.00 and 0.0350BTC resistances versus the US Dollar and bitcoin
respectively. ETH to BTC is currently trading with a bearish bias and it could
drop to 0.0315BTC.
Key Talking Points
Ethereum price recovered recently, but it failed
to gain strength above 0.0350 against bitcoin.
There was a break below a major bullish trend
line with support at 0.0336 on the 4-hours chart of the ETH/BTC pair (data feed
The pair is currently trading with a bearish
angle and it could slide towards the 0.0315 support.
Ethereum Price Chart Analysis
Recently, there was a decent rise in bitcoin, litecoin, Ethereum, EOS, bitcoin cash, ripple, and others against the US Dollar. However, ETH to BTC struggled to gain bullish momentum above the 0.0350 and 0.0352 resistance levels.
Looking at the chart, the price revisited the key 0.0350BTC resistance area recently and formed a swing high at 0.0352BTC. Later, there was a fresh decline below the 0.0345BTC support and the 100 simple moving average (4-hours).
The price even broke the 50% Fib
retracement level of the last wave from the 0.0314BTC low to 0.0352BTC high.
More importantly, there was a break below a major bullish trend line with
support at 0.0336 on the 4-hours chart of the ETH/BTC pair.
The pair settled below the
0.0330BTC level and it is currently testing the 61.8% Fib retracement level of
the last wave from the 0.0314BTC low to 0.0352BTC high. The current price action
is clearly bearish, suggesting more losses below the 0.0328BTC support in the near
The next major support is near
the 0.0320BTC level. If there are additional losses, Ethereum could dive
towards the 0.0315BTC support area in the near term. On the upside, the
previous supports at 0.0334BTC and 0.0336BTC are likely to act as strong
hurdles for buyers.
Overall, Ethereum price is
clearly trading in a bearish zone below 0.0340BTC and it may continue to slide.
The main support is at 0.0315BTC where ETH buyers are likely to take a stand in
the coming sessions.