Technical Analysis for ETHBTC for 12th November 2021
ETH Bulls Rampant, but a Swing above 0.08BTC Validates the ETH/BTC Uptrend
Past Performance of ETH/BTC
Ethereum buyers are in a commanding position as per the last few days' ETH/BTC price action.
Presently, prices are edging higher, stable above 0.070 BTC and the middle BB.
As per the performance of the daily chart, ETH bulls may drive prices to new Q4 2021 highs.
What to Expect of ETH/BTC
From a top-down approach, ETH bulls are in control.
From the daily chart, the inability of BTC buyers to unwind losses of recent days and the resurgence of demand igniting ETH pickup points to the strength of the uptrend.
Accordingly, as long as ETH/BTC is above 0.070 BTC and the middle BB acts as primary support, there might exist entry positions for ETH bulls angling for Q3 2021 highs of 0.08 BTC.
On the flip side, unexpected losses below 0.065 BTC may switch price action to favor BTC bulls.
ETH/BTC Technical Analysis
The upside momentum is strong. ETH buyers appear to be in control above the middle BB and 0.070 BTC.
Even so, there must be sustained gains above the immediate cap at 0.075 BTC and 0.08 BTC for the invalidation of selling pressure posed by bears of September.
Therefore, while ETH may appear rampant, candlestick arrangement from a top-down analysis skewed to favor BTC bulls.
This would change once there are gains above Q3 2021 highs, a ground for even more gains towards 0.12 BTC.
Resistance level to watch: 0.075 BTC
Support level to watch: 0.070 BTC
Disclaimer: Opinions expressed are not investment advice. Do your research.