Ethereum price recovered recently, but struggled near the 0.0282 resistance against bitcoin. ETH to BTC is currently correcting lower and remains at a risk of more losses.
Key Talking Points
- Ethereum price started a decent recovery against bitcoin, but struggled above the 0.0280 level.
- There is a key ascending channel forming with support at 0.0260BTC on the 4-hours chart of the ETH/BTC pair (data feed from Poloniex).
- The pair could either extend losses below the 0.0260BTC support or it could climb again towards 0.0280BTC.
Ethereum Price Chart Analysis
After a strong decline, Ethereum price found support near 0.0245 against bitcoin. ETH to BTC started an upward move above the 0.0270BTC resistance, but it struggled to gain momentum above the 0.0280BTC level.
Looking at the chart, the price formed a swing low near 0.0245BTC and started a decent recovery. There was a break above the 0.0260BTC resistance level to start an upward move.
Moreover, there was a break above the 50% Fib retracement level of the last drop from the 0.0298BTC high to 0.0245BTC swing low. The price even pierced the 0.0280BTC level, but it struggled to continue higher.
It faced a strong resistance near 0.0282BTC and the 100 simple moving average (4-hours). Besides, the 61.8% Fib retracement level of the last drop from the 0.0298BTC high to 0.0245BTC swing low also acted as a resistance.
As a result, there was a fresh decline in Ethereum price below the 0.0275BTC and 0.0270BTC level. It is currently trading near the 0.0260BTC support area. More importantly, there is a key ascending channel forming with support at 0.0260BTC on the 4-hours chart of the ETH/BTC pair.
If there is a downside break below the channel support, the price could move back in a bearish zone and it is likely to test the 0.0250BTC or 0.0245BTC support level.
Conversely, Ethereum could bounce back from the 0.0260BTC support. However, on the upside, there are many hurdles for ETH near the 0.0275BTC, 0.0280BTC and 0.0282BTC levels. Only a close above the 0.0282BTC level and the 100 SMA might accelerate gains in the near term.
The market data is provided by TradingView.