Ethereum price climbed towards the $180 level versus the US Dollar, but it declined sharply against bitcoin. ETH to BTC is currently under pressure and it may slide further towards 0.0300BTC.
Key Talking Points
- Ethereum price settled below a major support area near the 0.0335 against bitcoin.
- There is a crucial bearish trend line in place with resistance at 0.0336 on the 4-hours chart of the ETH/BTC pair (data feed from Poloniex).
- The pair remains in a strong downtrend and it may revisit the 0.0315BTC or 0.0302BTC supports.
Ethereum Price Chart Analysis
This week, there was a sharp rise in bitcoin, litecoin, Ethereum, EOS, bitcoin cash, ripple, and others against the US Dollar. However, ETH to BTC faced a strong selling interest as it declined below the key supports at 0.0336 and 0.0335.
Looking at the chart, the price tested the 0.0350BTC resistance area this week. However, it failed to hold gains and later started a sharp decline. It broke many important supports near 0.0340BTC and 0.0336BTC.
There was even a close below the 0.0335BTC support and the 100 simple moving average (4-hours). The price recently traded below the 50% Fib retracement level of the last wave from the 0.0303BTC low to 0.0349BTC high.
The recent decline was prevented by the 0.0315BTC support and the 76.4% Fib retracement level of the last wave from the 0.0303BTC low to 0.0349BTC high. Having said that, the price remains in a strong downtrend and it may continue to decline towards 0.0315BTC or 0.0305BTC.
On the upside, there is a crucial bearish trend line in place with resistance at 0.0336 on the 4-hours chart of the ETH/BTC pair. A successful close above the trend line, 0.0336BTC, and the 100 simple moving average (4-hours) is needed for a decent rebound in the near term.
If not, Ethereum price could remain in a downtrend and it may revisit the 0.0315BTC or 0.0305BTC support levels. If there are more declines, the next stop for ETH sellers could be near the 0.0300BTC pivot level, where buyers are likely to appear in the near term.
The market data is provided by TradingView.