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Technical Analysis for ETHBTC for 5th May 2022

ETH Buyers Firm, ETHBTC Prices May Float to 0.076 BTC

Past Performance of ETHBTC

There was an ETH price expansion early this week, but bulls were muted on May 3 and 4. However, BTC is trailing the BTC following encouraging surges on May 1 and 2. ETH bulls would likely build on the bullish engulfing bar of early this leg, setting the foundation for an expansion above April highs of around 0.076 BTC.

ETHBTC Technical Analysis

As per the ETHBTC technical analysis in the daily chart, ETH buyers are in the driving seat. Prices recovered from the 38.2 percent Fibonacci retracement level of the April 2022 trade range. The recovery, backed by rising trading volumes on May 1, triggered demand. There is a possibility of ETH bulls finding support in the immediate term. However, this is subject to ETH bulls rejecting any attempt for losses below 0.072 BTC. As it is, traders can load on every dip, targeting 0.076 BTC. A break below this week's low, on the other hand, may see ETHBTC crater to 0.070 BTC, the 61.8 percent Fibonacci retracement level of the same trade range.

What to Expect from ETHBTC

ETH buyers have the upper hand at spot rates. Still, if there is a crypto correction, Bitcoin bulls may flow back, driving prices below the primary support at 0.072 BTC.

Resistance level to watch: 0.076 BTC

Support level to watch: 0.072 BTC

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

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