Connect with us

Price Analysis

ETHBTC at Critical Support, ETH Bulls Must Hold above 0.070 BTC

Published

on

analysis-trading-cryptocurrency

ETHBTC is a chart depicting, in real-time, the clash of titans.

And right now, it’s a match, but Bitcoin bulls are showing signs of flipping ETH after periods of extended losses.

Even so, there is no defined path in the short term as prices are trending, moving horizontally with tapering participation levels.

ETHBTC Market Performance and Price Status

The ETHBTC, from a top-down approach, is skewed to favor ETH bulls.

However, there must be momentum injection and a lift-off above the critical resistance line for buyers to take charge.

There is no doubt that Ethereum and Bitcoin are heavyweights.

For instance, Ethereum is a leader in smart contracting with a solid reputation as the home of DeFi and NFTs.

Over half of the over $250 billion in assets managed by dApps across the industry are in Ethereum.

Meanwhile, the platform also moves billions in sales of NFTs.

On the other hand, Bitcoin is a product whose financial instruments are listed in regulated bourses globally.

Over time, it has emerged as a store of value and the most valuable digital asset held by governments—like El Salvador—and multi-billion-dollar public companies like Square and MicroStrategy.

ETHBTC Daily Chart for November 18

From the daily chart of the ETHBTC, there are hints of weakness slowing down ETH bulls. The primary support is at 0.070 BTC, while immediate support lies at 0.075 BTC.

A conclusive break below the immediate support level and the middle BB would easily see BTC trounce ETH as the trend shifts to bearish.

Notably, this contraction is from a key Fibonacci retracement level of the September 2021 range—the 78.6 mark—and is significant.

ETHBTC Is Bullish Above 0.070 BTC

This is the preview of one trader on Twitter. When both assets are under pressure, sliding from their peaks, the ETHBTC uptrend looks distorted.

However, the trader is confident that ETH bulls are in a commanding position as long as the primary support at around 0.070 BTC holds.

As mentioned earlier, this is a critical support line that also flashes with the middle BB. A break below this mark may see BTC bulls flow back, rewinding losses versus ETH in the days ahead.

Conversely, a rebound from spot levels may lift ETHBTC to 0.075 BTC. A break above this level would likely lift prices towards the main liquidation line at 0.012 BTC.

Bullish Breakout Pattern Valid

Meanwhile, another trader believes that ETH buyers are solid and may break even higher in the weeks ahead.

Notably, despite the cool-off, ETH has the upper hand and is trading within a bullish breakout pattern.

Specifically, the analyst says ETHBTC is within an ascending wedge, but another push higher would nullify the bearish tendencies of the past few days. Still, despite the optimism, risk-averse traders can take a wait-and see-approach before loading, depending on the breakout direction.

ETHBTC at the bottom of the Channel

The ETHBTC squeeze, according to one trader, has forced prices back to the bottom of the channel, as clear in the 4HR chart.

The primary support remains at 0.070 BTC, and ETH bulls must flow back to sustain prices and keep the upward momentum valid.

As mentioned earlier, losses from this mark may spell damage for ETH bulls. In that eventuality, ETHBTC may even drop to 0.065 BTC or worse.

Charts courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

cryptotelegram-telegram-banner

Passionate about Blockchain, Crypto, Blockchain, and Bitcoin. Excited of what lies ahead. Advocating adoption. HODLer!

Trending