Key Highlights
Ethereum price created a new high against Bitcoin, as ETH/BTC traded as high as 0.0276BTC.
The price is currently forming a consolidation pattern and looks poised for the next move.
The chances of a breakdown is more as there is a divergence signal forming on the charts.

The current price action in ETH suggests that the price is losing momentum, and if the bulls lose control, ETH/BTC may test 0.0260BTC.

Ether Price Range

ETH after bouncing from the 0.0255BTC support area moved above 0.0270BTC to trade as high as 0.0276BTC where there were offers presented. The price moved down and tested the 23.6% Fib retracement level of the last move from the 0.0257BTC low to 0.0276BTC high.

Ethereum Price Analysis Chart

Currently, the price is trading in a range and forming a consolidating pattern for the next move as seen on the 24-hours chart of ETH/BTC. The price is at the moment testing the range support and looks like struggling to hold it.

If the price breaks the range support, then ETH/BTC might easily drift lower towards the 0.0260BTC support area or test the 61.8% Fib retracement level of the last move from the 0.0257BTC low to 0.0276BTC high.

Ethereum Price Analysis Chart 7D

ETH is also testing a crucial support trend line, which is clearly visible on the last 7-day chart of ETH/BTC. So, the bulls need to be very careful in the short term if planning to enter a buy trade.

Divergence Formation

The chances of a downside move are more, as there is a divergence visible between trading volumes and the price.

Ethereum Price Analysis Chart Divergence

I think selling with a break can be considered in the short term with a stop above today’s high.

Important Resistance Level

0.0276BTC

Important Support Level

0.0260BTC

Hourly RSI

The RSI is below the 50 level, calling for a downside break.

Hourly MACD

The MACD is about to change the slope to the bearish zone, which is not good for the bulls.
Disclaimer:
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

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