Ether price continued to slowly move down vs Bitcoin. Can ETH/BTC test or break 0.0240BTC? Let’s try to find out.
Ethereum price traded down against Bitcoin after struggling near a resistance confluence area of 0.0250BTC.
ETH/BTC is following a bearish trend line on the last 24H chart, which may continue to act as a downside move catalyst.
ETH struggle to trade higher may continue in the near term, as it remains under a bearish pressure not only vs BTC, but also vs USD.
Ether Price Confluence Resistance
Ether ETH moved down during the past 24 hours and traded towards 0.0246BTC where it is finding bids. However, during the downside move, ETH/BTC broke a major support area at 0.0248BTC as shown with a red line on the last 24H chart.
The price is currently struggling and following a bearish trend line on the same chart, which is acting as a downside mover for ETH. It looks like as long as the price is below the trend line resistance, it may continue to move down.
I think the price is clearly setting up for a downside move, as there is a bearish pattern forming on a higher timeframe chart like the last 7-day chart of ETH/BTC. A contracting triangle pattern formed (highlighted with yellow color on the chart), which may pave the way for the next move in the short term.
The price is currently trading near the triangle support trend line, which is acting as a barrier for sellers. However, if they succeed in breaking it, then ETH/BTC could easily trade down to test 0.0240BTC. Any further bearish pressure could easily take the price below the stated level.
Intraday Resistance Level
Intraday Support Level
The RSI is also below the 50 level, suggesting that the ETH sellers are attempting to take the price further down.
The MACD just moved into the bearish slope, signaling for more losses 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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