Technical Analysis for ETHBTC for 8th December 2021
ETHBTC Bull Breakout, Next-Stop 0.12 BTC?
Past Performance of ETHBTC
The ETHBTC price is inching higher, breaking above an ascending channel, signaling ETH bulls.
Although Ethereum buyers might step up further, there were pockets of weakness as per the development in the daily chart.
The double bar reversal pattern of December 7 potentially signaled fissures. Even so, the bounce during the early Asian session reaffirmed the uptrend.
What to Expect of ETHBTC
ETH is outperforming BTC—and is within a bullish breakout pattern above a multi-week resistance line of the ascending channel.
Technically, buyers are in control and ETHBTC is at new 2021 highs.
With buyers rampant and traders expecting more upswings, sustained gains above 0.08 BTC may see more lift-offs, capping a stellar performance for 2021.
ETHBTC Technical Analysis
The uptrend will be sustained if ETH buyers keep prices above the 0.08 BTC level, confirming the bullish breakout of December 4.
The divergence of the Bollinger Bands and the alignment along the upper BB points to strength.
However, if there is a confirmation of the December 7 weakness and BTC buyers take over, a close below 0.08 BTC may signal weakness.
In that case, ETHBTC may slide back to 0.075 BTC in a retest.
Conversely, rejection of lower lows and confirmation of December 4 gains above 0.087 BTC could draw more buyers, pumping prices towards 0.12 BTC.
Resistance level to watch: 0.087 BTC
Support level to watch: 0.080 BTC
Disclaimer: Opinions expressed are not investment advice. Do your research.
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