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Ethereum Award did not stay
above the 0.0355BTC resistance and recently decreased against Bitcoin. ETH / BTC is
now negotiates near a crucial support and is preparing for the next break.
Key discussion points
- The price of Ethereum has declined compared to 0.0357BTC
level and fell below 0.0350BTC against Bitcoin. - There is a major uptrend line in place
with support at 0.0342BTC on 4-hour ETH / BTC torque chart (data flow
from Poloniex). - The pair is probably preparing for the next break
either above 0.0350 BTC or around 0.0334 BTC.
Ethereum Price Table Analysis
Recently, the price of Ethereum has climbed above 0.0350BTC and 0.0355BTC. However, the price failed to maintain its gains above the 0.0355BTC level, reached a high close to 0.0357BTC and then began a sharp decline.
If you look at the chart, the price has traded up to 0.0357BTC, then below the support levels of 0.0355BTC and 0.0350BTC. The decline was strong, with the price being even below the 0.0348BTC support and the 100 single moving average (4 hours).
The negotiated price as low as
0.0341BTC and he is currently preparing for the next break. On the decline,
there is a major uptrend line in place with support at 0.0342BTC on the
Graph in 4 hours of the ETH / BTC pair.
Below the support of the trend line, the
the next key support is 0.0400BTC. If there is a break-down, the price may
decline to 0.0334BTC or 0.0330BTC support.
On the rise, there is a
linking the bearish trend line formed with a resistance close to 0.0345BTC on the same
graphic. The Fib retracement level of 23.6% of the recent decline since 0.0357BTC
high at 0.0341BTC down is also close to the trend line.
If there is a break up above
0.0345BTC, the price can go up to the level 0.0350BTC or the 50% Fib
retracement level of the recent decrease from the maximum of 0.0357BTC to 0.0341BTC.
If the price gains ground, it could return to resistance level 0.0355BTC in
short term.
Overall, the price of Ethereum is trading near a crucial support
above 0.0340BTC and it could rebound if ETH buyers progress over the
Resistance 0.0345BTC.
Market data is provided by TradingView.
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