Ethereum Price (ETH) Is Facing Uphill Task Versus Bitcoin (BTC)

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Ethereum price failed to climb
  above the key 0.0320 resistance against bitcoin. ETH to BTC declined heavily
  below 0.0300 and it remains at a risk of more losses.

Key Talking Points

Earlier this week, there were bullish moves in bitcoin and Ethereum against the US Dollar, but ETH struggled vs BTC. ETH to BTC failed to climb above the key 0.0320BTc resistance, resulting in bearish moves below 0.0310BTC. 0.0315BTC.

Looking at the chart, the price declined heavily below the 0.0310BTC support. There was even a break below the key 0.0302BTC support level and the 100 simple moving average (4-hours).

The price settled below the
  0.0300BTC support level and recently traded as low as 0.0288BTC. It seems to be
 trading in a bearish zone with a strong negative bias below 0.0300BTC.

On the upside, an immediate
  resistance is near 0.0292BTC and the 23.6% Fib retracement level of the last decline
  from the 0.0307BTC high to 0.0288BTC swing low. Moreover, there is a major
  bearish trend line forming with resistance at 0.0297BTC on the 4-hours chart of
  the ETH/BTC pair.

Above the trend line, the 50% Fib
  retracement level of the last decline from the 0.0307BTC high to 0.0288BTC
  swing low is near 0.0298BTC. The main resistance is near the 0.0300BTC zone.

Therefore, a close above the
  trend line and the 0.0300BTC resistance is must for a decent recovery in
 Ethereum in the near term.

If Ethereum price fails to move
  above 0.0300 against bitcoin, there are chances of more losses. An immediate
  support is near the 0.0288BTC level, below which ETH could slide towards the
  0.0260BTC support level in the near term. Any further losses may take the price
  towards the 0.0250BTC level.

The market data is provided by TradingView.

#brucedayne #Butalik #Ethereum