ETH was a perfect sell, as highlighted in yesterday’s post. Moving ahead, caution is suggested, as there may be a recovery in ETH/BTC.
Ether Price Recovery Possible?
There was a sharp and continuous downside move in Ether price, as the ETH sellers were seen in control. Yesterday, I highlighted a bearish trend line on the past 24 hours, and was expecting it to act as a barrier.
The trend line did act as a hurdle and pushed the price down. An initial target of 0.0240BTC was achieved, and the price even broke the stated level. At this moment, the price breached another bearish trend line on the past 24 hours, which may ignite a minor correction in ETH.
However, there is an important level, which we must pay attention at 0.0240BTC. As mentioned yesterday, it was a major support area, and now it can act as a resistance for ETH/BTC if it attempts to trade higher.
Looking at a higher time frame chart, there is a support trend line forming on the last 7-day chart of ETH/BTC, which may ignite a minor recovery in the short term. There was a sharp decline in the trading volumes recently, but if we witness a rise, then ETH/BTC may trade a few points higher.
I think minor recovery is possible, but the ETH bulls must be careful, as there are not many signs of a larger recovery.