The price of Ethereum extended losses below the support of 0.0300 TC against bitcoin. ETH / BTC could correct higher in the short term, but it will likely cope with sellers near 0.0308BTC.
- The price of Ethereum failed to recover and fell below the 0.0300BTC support level.
- ETH / BTC is still trading below a fundamental bearish trend line with resistance at 0.0308BTC on the 4-hour chart.
- The ETH price could correct higher in the short term, but could touch 0.0308BTC and 0.0310BTC.
Price analysis of Ethereum (ETH / BTC)
This week, there were heavy falls in the price of Ethereum below 0.0300 BT compared to Bitcoin and lower than $ 150.00 compared to the US Dollar. The downward move gained the pace once it was a close under the support of 0.0300BTC in ETH to BTC.
The 4-hour ETH / BTC chart indicates that the price has dropped significantly to the 0.0285BTC support and has stabilized below the 50 simple (4 hours) moving average. A new monthly minimum was formed at 0.0287BTC and subsequently the price began to consolidate losses.
The price recently recovered above the 0.0292BTC level and the Fib retracement level of 23.6% of the recent slide from 0.03199BTC high to 0.0287BTC low. The current price action is still very bearish below 0.0300 BTC, but there are possibilities for further short-term increases.
On the positive side, there is a higher resistance formed near the 0.0308BTC and 0.0310BTC levels. More importantly, there is a bearish trend line in place with resistance at 0.0308BTC on the same chart.
Around the trendline, the 50% fiber retracement level of the recent slide is also placed from 0.03199BTC high to 0.0287BTC low. Therefore, if the price corrects higher than current levels, it may be difficult to break resistance levels 0.0308BTC and 0.0310BTC.
On the downside, an initial support is at 0.0290BTC, below which Ethereum could slip under the minimum swing of 0.0287BTC. The next major ETH / BTC support is close to the 0.0280BTC level. Moving forward, the next move in ETH / BTC and ETH / USD depends on whether the price of the bitcoin manages to start a decent recovery over $ 5,000.