The price of Ethereum fell heavily to new lows below 0.0300 TC and was subsequently recovered from bitcoins. ETH / BTC must move above 0.0324BTC to rebound further.
- The price of Ethereum dropped sharply below support levels of 0.0320BTC and 0.0300BTC.
- ETH / BTC fell below the support of a major triangle at 0.0322BTC on the 4-hour chart.
- The ETH price was traded below the 0.0300BTC support level and subsequently recovered sharply.
Price analysis of Ethereum (ETH / BTC)
There were more bearish moves in the price of Ethereum below 0.0320BTC compared to bitcoin and less than $ 200.00 compared to the US dollar. The sellers managed to push ETH to BTC even below the 0.0300BTC support, but the price later rose sharply.
The 4-hour ETH / BTC chart indicates that the price formed a higher maximum close to the 0.0340BTC level and subsequently fell below the simple moving average 50 (4 hours). The cryptography market as a whole has undergone many pressures after the price of bitcoin has dropped below the $ 6k support.
During the decline, ETH / BTC were exchanged below many support levels, including 0.0328BTC and 0.0318BTC. Furthermore, there was an interruption below a triangular support greater than 0.0322BTC, which resulted in a fall below the 0.0308BTC key support.
A new monthly minimum was formed at 0.0297BTC and thereafter the price recovered above the 23.6% retracement level of the recent decline from 0.0340BTC high to 0.0297BTC.
However, the current rebound is facing a resistance near the 0.0320BTC level. It also coincides with the previous support, the broken triangle and the 50% fiber retracement level of the recent decline from the 0.0340BTC high value to 0.0297BTC.
To recover further, the price must exceed the resistance 0.0320BTC and the simple moving average 50 (4 hours). If buyers fail to push the price above the resistance of 0.0320BTC, Ethereum could once again decrease towards the 0.0300 BTC level.
Overall, the current market sentiment is super-bearish for bitcoin and Ethereum, but there is a possibility of an upward move above the resistance of 0.0320BTC in ETH / BTC. The next major resistance above the 0.0320BTC level approaches the 0.0340BTC level where sellers are likely to emerge.