Technical Analysis for ETHBTC for 5th November 2021
ETH Gains 20% Versus BTC, will Bulls Retest Q3 Highs
Past Performance of ETH/BTC
ETH has been on an absolute tear versus BTC for the past two weeks.
ETH/BTC is trading above a critical resistance level at 0.070 BTC, in a bullish breakout pattern and outperforming the digital coin on the last trading day.
What to Expect of ETH/BTC
The path of least resistance remains northwards despite a slowdown on the last two days.
After confirming the three-bar pattern signaling strength in mid-October, ETH has added over 20 percent against the BTC.
However, there could be more gains in the days ahead depending on whether ETH bulls sustain prices above 0.070 BTC.
In a buy trend continuation pattern, ETH may further stretch, leading to a retest of September 2021 highs of 0.080 BTC.
ETH/BTC Technical Analysis
ETH buyers are in the driving seat, trading within a bullish breakout pattern clear in the daily chart.
In a bullish continuation pattern subject to participation levels in the last trading day, every low may present opportunities for optimistic buyers provided 0.070 BTC holds.
Their first target would be at 0.080 BTC or Q3 2021 highs.
On the flip side, a dip back below 0.070 BTC may ignite a correction, especially if there are losses below 0.065 BTC.
Resistance level to watch: 0.080 BTC
Support level to watch: 0.065 BTC
Disclaimer: Opinions expressed are not investment advice. Do your research.