Technical Analysis for ETHBTC for 8th April 2022
Ethereum Bulls Find Support at 0.071 BTC after Sliding 21% from December 2021 Highs
Past Performance of ETHBTC
ETH bulls have the upper hand versus the BTC following sharp gains in the past few days. At spot levels, ETHBTC is at February 2022 highs. However, the uptrend is slowing down in a possible retest of 0.071 BTC as participation levels spike.
ETHBTC Technical Analysis
After trailing BTC and dropping roughly 20 percent from December 2021 highs, ETH bulls are back in the picture. ETH buyers are currently in charge, trading within a bullish breakout pattern. From the candlestick arrangement in the daily chart, ETH has support at around the 0.071 BTC level, coinciding with the 20-day moving average and April 1 lows. Deeper losses below this support line in confirmation of early this week's losses may see the BTC bulls add to their longs to 0.069 BTC in a bear trend continuation pattern. On the flip side, a strong reversal of April 6 losses could form the base for another race back to 0.075 BTC and 0.082 BTC in the continuation of late March 2022 in a buy trend continuation pattern.
What to Expect of ETHBTC
Ethereum buyers appear to be in control. However, BTC bulls will take over if prices slide below the 0.071 BTC mark, flashing with February 2022 highs.
Resistance level to watch: 0.075 BTC
Support level to watch: 0.069 BTC
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