Ethereum price failed to climb above the key 0.0320 resistance against bitcoin. ETH to BTC declined heavily below 0.0300 and it remains at a risk of more losses.
Key Talking Points
- Ethereum price recently declined below the 0.0310 and 0.0305 supports against bitcoin.
- There is a major bearish trend line forming with resistance at 0.0297BTC on the 4-hours chart of the ETH/BTC pair (data feed from Poloniex).
- The pair must break the 0.0296BTC and 0.0300BTC resistance levels to start a decent recovery.
Ethereum Price Chart Analysis
Earlier this week, there were bullish moves in bitcoin and Ethereum against the US Dollar, but ETH struggled vs BTC. ETH to BTC failed to climb above the key 0.0320BTc resistance, resulting in bearish moves below 0.0310BTC. 0.0315BTC.
Looking at the chart, the price declined heavily below the 0.0310BTC support. There was even a break below the key 0.0302BTC support level and the 100 simple moving average (4-hours).
The price settled below the 0.0300BTC support level and recently traded as low as 0.0288BTC. It seems to be trading in a bearish zone with a strong negative bias below 0.0300BTC.
On the upside, an immediate resistance is near 0.0292BTC and the 23.6% Fib retracement level of the last decline from the 0.0307BTC high to 0.0288BTC swing low. Moreover, there is a major bearish trend line forming with resistance at 0.0297BTC on the 4-hours chart of the ETH/BTC pair.
Above the trend line, the 50% Fib retracement level of the last decline from the 0.0307BTC high to 0.0288BTC swing low is near 0.0298BTC. The main resistance is near the 0.0300BTC zone.
Therefore, a close above the trend line and the 0.0300BTC resistance is must for a decent recovery in Ethereum in the near term.
If Ethereum price fails to move above 0.0300 against bitcoin, there are chances of more losses. An immediate support is near the 0.0288BTC level, below which ETH could slide towards the 0.0260BTC support level in the near term. Any further losses may take the price towards the 0.0250BTC level.
The market data is provided by TradingView.