Ether Price Next Move Lower Underway
|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.