Ethereum price may struggle against BTC since there is a lot of buying interest for Bitcoins seen during the past 4-5 days.
Ethereum price after moving a few points above the 0.0240BTC level found sellers and started to move down.
ETH/BTC is currently testing a support trend line (as seen on the last 24H chart), which may act as a pivot zone in the short term.
The 1-hour RSI for ETH/BTC has moved below the 50 level, signaling weakness moving ahead.
Ethereum Price To Move Below 0.0230BTC?
Ethereum price ETH after declining towards 0.0200BTC managed to find buyers and started to move higher. However, the upside was stalled near the 100 simple moving average on the 4-hours chart of ETH/BTC at 0.0273BTC.
Moreover, the stated level also represents the 50% Fibonacci retracement level of the last drop from 0.0340BTC to 0.02066BTC. So, technically the price failed to break a crucial resistance confluence area of the mentioned Fib level and the 100 SMA.
After failing to trade above 0.0273BTC, ETH started to move down. During the downside move, there was a break of the 0.0250BTC support area. Currently, the price is trading near a support trend line (as seen on the last 24H chart), which may play a critical role for ETH in the near term. A break and close below the trend line support might ignite further losses in the short term.
I think there is a high probability of ETH moving towards 0.0230BTC, as BTC/USD is currently unstoppable. There is a lot of buying interest noted for BTC/USD, which is helping BTC to gain traction versus ETH.
If the current trend continues, there is even a chance of ETH/BTC moving below the 0.0230BTC. If you are looking to sell ETH/BTC, then consider it as long as the price is below 0.0250BTC.
100 Hourly SMA
Negative as the price is below the 100 hourly SMA.
The RSI is also below the 50 level, which is a negative sign for ETH traders.
The MACD is in the bearish zone, calling for a downside reaction in the near term.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial marketsETHNews is commited to its Editorial Policy
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