Ethereum price extended losses and traded below the 0.0305 support area against bitcoin. ETH to BTC is currently consolidating and likely preparing for the next break either above 0.0305 or below 0.0290.
Key Talking Points
- Ethereum price remained in a strong downtrend below the 0.0310 level against bitcoin.
- There is a crucial bearish trend line formed with resistance at 0.0307BTC on the 4-hours chart of the ETH/BTC pair (data feed from Poloniex).
- The pair could either climb above 0.0305BTC and 0.0308BTC or decline further in the near term.
Ethereum Price Chart Analysis
This past week, there were sharp losses in bitcoin, litecoin, Ethereum, EOS, bitcoin cash, ripple, and others against the US Dollar. ETH to BTC also declined heavily and broke the 0.0310BTC and 0.0305BTC support levels.
Looking at the chart, the price extended losses below the 0.0300BTC support and settled well below the 100 simple moving average (4-hours). A new monthly low was formed near the 0.0291BTC and recently the price corrected higher.
It broke the 0.0300BTC level and the 23.6% Fib retracement level of the last decline from the 0.0324BTC high to 0.0291BTC low. However, the upward move was capped by the 0.0305BTC resistance level.
There was no test of the 50% Fib retracement level of the last decline from the 0.0324BTC high to 0.0291BTC low, and the price declined back towards the 0.0295BTC level. On the upside, there is a strong resistance formed near the 0.0305BTC, 0.0307BTC and 0.0308BTC levels.
There is also a crucial bearish trend line formed with resistance at 0.0307BTC on the 4-hours chart of the ETH/BTC pair. A successful close above the 0.0310BTC level may open the doors for a decent rebound in the near term.
The next key resistances are 0.0314BTC, 0.0316BTC and 0.0320BTC levels. Conversely, if Ethereum price fails to move above the 0.0305BTC and 0.0310BTC resistances, there could be a fresh decline in the near term.
An immediate support is near the 0.0294BTC level, below which ETH might decline below the 0.0290BTC level in the near term. The next main support is near the 0.0285BTC level.
& The market data is provided by TradingView.
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