Ethereum price faced a strong resistance near the 0.0360BTC level against bitcoin and declined. ETH/BTC is finding strong bids and it seems like it could break higher above 0.0344BTC and 0.0350BTC.
Key Talking Points
- Ethereum price failed to climb above the 0.0360BTC resistance and declined against bitcoin.
- There is a key declining channel in place with resistance at 0.0344BTC on the hourly chart of the ETH/BTC pair (data feed from Poloniex).
- The pair might soon break the 0.0345BTC resistance to start a solid upward move in the near term.
Ethereum Price Chart Analysis
After trading as low as 0.0334BTC, Ethereum price started an upward move against bitcoin. The price traded above the 0.0350BTC resistance, but it faced a strong resistance near the 0.0360BTC level and later started a solid downward move.
Looking at the chart, the price traded as high as 0.0360BTC and later traded below the 0.0355BTC and 0.0350BTC support levels. There was a close below the 0.0350BTC support and the 100 simple moving average (4-hours).
Besides, there was a break below the 61.8% Fib retracement level of the last wave from the 0.0334BTC low to 0.0360BTC high. More importantly, it seems like there is a key declining channel in place with resistance at 0.0344BTC on the hourly chart of the ETH/BTC pair.
The pair recently spiked below the 76.4% Fib retracement level of the last wave from the 0.0334BTC low to 0.0360BTC high. Therefore, there is a risk of a downside move towards the 0.0334BTC swing low before the price could climb higher.
On the upside, a break above the channel resistance and 0.0345BTC is needed for buyers to gain traction. The next key resistance is at 0.0350BTC and the 100 SMA, above which the price is likely to climb towards the 0.0360BTC resistance area.
Overall, Ethereum price may decline further, but downsides could be contained near 0.0334BTC against bitcoin. Finally, there are high chances of an upside break in ETH above the 0.0345BTC and 0.0350BTC resistance levels in the coming sessions.
The market data is provided by TradingView.
