Technical Analysis for ETHBTC for 7th June 2022
ETHBTC Slides 22%, ETH Finds Support at 0.059 BTC
Past Performance of ETHBTC
Bitcoin bulls are rampant. ETH is down 22 percent from April 2022 highs versus BTC. From the ETHBTC daily charts, Ethereum is still under pressure and in a bear breakout formation despite ETH gains in the Asaian session. Currently, ETHBTC is trending at around October 2021 lows. Since bear bars are aligned with the lower BB, ETH sellers may search to unload on every attempt to print higher.
ETHBTC Technical Analysis
BTC bulls are in control, and bars are banding along the lower BB despite recent ETH gains. This points to intense selling pressure and possibly BTC bulls adding to their longs. As ETHBTC retests October 2021 lows, traders should look to double down and accumulate BTC. There could be more losses for ETH if prices drop and close below 0.059 BTC in confirmation of June 6 dumps. Such a move would confirm the bear breakout of May 26 and may trigger more losses versus ETH, pushing prices back to 0.057 BTC and 0.055 BTC in the medium term.
What to Expect from ETHBTC
After solid ETH gains in 2021, BTC bulls are rewinding losses, as evident in the daily chart. In a bearish breakout formation, ETH may drop to H2 2021 lows in the medium term if prices slide below the immediate support line.
Resistance level to watch: 0.061 BTC
Support level to watch: 0.059 BTC
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