Ethereum price failed to stay above the 0.0355BTC resistance and recently declined against bitcoin. ETH/BTC is now trading near a crucial support and preparing for the next break.
Key Talking Points
- Ethereum price retreated from the 0.0357BTC level and declined below 0.0350BTC against bitcoin.
- There is a major bullish trend line in place with support at 0.0342BTC on the 4-hours chart of the ETH/BTC pair (data feed from Poloniex).
- The pair is likely preparing for the next break either above 0.0350BTC or towards 0.0334BTC.
Ethereum Price Chart Analysis
Recently, Ethereum price climbed higher above 0.0350BTC and 0.0355BTC. However, the price failed to hold gains above the 0.0355BTC level, formed a high near 0.0357BTC and later started a strong downward move.
Looking at the chart, the price traded as high as 0.0357BTC and later traded below the 0.0355BTC and 0.0350BTC support levels. The decline was strong as the price even settled below the 0.0348BTC support and the 100 simple moving average (4-hours).
The price traded as low as 0.0341BTC and it is currently preparing for the next break. On the downside, there is a major bullish trend line in place with support at 0.0342BTC on the 4-hours chart of the ETH/BTC pair.
Below the trend line support, the next key support is at 0.0400BTC. If there is a bearish break, the price may decline towards the 0.0334BTC or 0.0330BTC support level.
On the upside, there is a connecting bearish trend line formed with resistance near 0.0345BTC on the same chart. The 23.6% Fib retracement level of the recent decline from the 0.0357BTC high to 0.0341BTC low is also near the trend line.
If there is an upside break above 0.0345BTC, the price may recover towards the 0.0350BTC level or the 50% Fib retracement level of the recent decline from the 0.0357BTC high to 0.0341BTC low. If the price gains traction, it could revisit the 0.0355BTC resistance level in the near term.
Overall, Ethereum price is trading near a crucial support above 0.0340BTC and it could rebound if ETH buyers gain pace above the 0.0345BTC resistance.
The market data is provided by TradingView.
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