Ethereum price failed to clear the 0.0305 resistance area and declined further against bitcoin. ETH to BTC is currently under pressure and it could even break the 0.0275BTC support level.
Key Talking Points
- Ethereum price declined heavily below the 0.0305BTC support level against bitcoin.
- There is a significant bearish trend line formed with resistance at 0.0298BTC on the 4-hours chart of the ETH/BTC pair (data feed from Poloniex).
- The pair remains at a risk of more losses below the 0.0275BTC support in the near term.
Ethereum Price Chart Analysis
In the past few days, there were sharp gains in bitcoin, plus swing moves in litecoin, Ethereum, EOS, bitcoin cash, ripple, and others against the US Dollar. However, ETH to BTC remained in a downtrend and extended losses after it failed to overcome the 0.0305BTC resistance level.
Looking at the chart, the price topped near the 0.0314BTC level and declined heavily below the 0.0305BTC and 0.0300BTC levels. There was even a close below the 0.0295BTC level and 100 simple moving average (4-hours).
The price is now trading well below the 0.0290BTC level and the 76.4% Fib retracement level of the last wave from the 0.0278BTC low to 0.0314BTC high.
An immediate support is near the last swing low at 0.0278BTC. If there are more losses, the price could clear the 0.0275BTC support level in the near term. The next support could be 0.0250BTC or the 1.236 Fib extension level of the last wave from the 0.0278BTC low to 0.0314BTC high.
On the upside, an initial resistance is near the 0.0292BTC level, above which the price may test 0.0296BTC and the 100 simple moving average (4-hours).
Besides, there is a significant bearish trend line formed with resistance at 0.0298BTC on the 4-hours chart of the ETH/BTC pair. Therefore, a clear break above the trend line and the 0.0300BTC resistance is needed for an upside acceleration.
Overall, Ethereum price is under a lot of pressure versus bitcoin below 0.0300BTC, but it could gain traction above $175 against the US Dollar in the coming sessions.
The market data is provided by TradingView.
