Technical Analysis for ETHBTC for 3rd March 2023
Ethereum Swings Higher, But Will Bulls Break Above the Bear Flag?
Past Performance of ETHBTC
ETHBTC Technical Analysis
Technically, buyers are in control, at least per the performance in February. Resistance is at 0.072 BTC, while support is at around 0.068 BTC. Conservative traders can wait for a clear breakout before loading the dips, targeting 0.065 BTC if sellers take over, mirroring the trend back in January. In the short term, traders may look to buy the dip, scalping price action as long as prices are inside the bull bar of February 28. Every low above the middle BB and 0.069 BTC may offer entries for buyers angling for 0.072 BTC, or better, should bulls take control in the medium term.
What to Expect from ETHBTC
Ahead of a fundamental event in Ethereum, ETH bulls are gathering momentum, striving to reverse the losses of January. In the current consolidation and a possible bear flag, there must be sharp gains above February highs for confirmation of the uptrend. If not, there are high odds of BTC bulls taking over, resuming the downtrend.
Resistance level to watch: 0.072 BTC
Support level to watch: 0.065 BTC
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