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.
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.
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.
The chances of a downside move are more, as there is a divergence visible between trading volumes and the price.
I think selling with a break can be considered in the short term with a stop above today’s high.