Technical Analysis for ETHBTC for 1st July 2022
Bitcoin Extending Gains, ETH May Drop to new 2022 Lows versus BTC
Past Performance of ETHBTC
ETH gains were short-lived, reading from the performance in the daily chart. BTC buyers are firmly in charge at spot rates, pressing lower in a bear continuation pattern. From the ETHBTC technical analysis, the gains of June 24 weren't confirmed and became a bull trap. BTC has the upper hand over ETH, stabilizing in the last trading day.
ETHBTC Technical Analysis
Overall, ETHBTC is oscillating within a broader 0.009 BTC from late May to spot levels. The immediate resistance level for ambitious bulls is at 0.059 BTC, while support lies at 0.050 BTC. With BTC buyers in control and the broader crypto market in the doldrums, the shift to capital favors traders doubling down on Bitcoin. As a result, traders can search for entries below the middle BB and 0.055 BTC while targeting 0.050 BTC or 2022 lows. Technically, any loss below June 23 and last week's lows would likely fast-track the sell-off and invalidate bullish signals from an effort versus result perspective.
What to Expect from ETHBTC
BTC bulls are in a commanding position as capital flows out of ETH. Since bulls of last week didn't build June 23 and 24 gains, there is a high probability of ETH crashing below 0.052 BTC and later 0.050 BTC in a bear continuation formation traced to May 11.
Resistance level to watch: 0.055 BTC
Support level to watch: 0.050 BTC
Disclaimer: Opinions expressed are not investment advice. Do your research.
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