Technical Analysis for ETHBTC for 13th October 2021
ETH/BTC Prices Bottoming Up, Are ETH Buyers Back in the Picture?
Past Performance of ETH/BTC
From the daily chart, ETH/BTC is firm after days of steady lower lows, shredding ETH bulls.
However, with BTC buyers losing grip of the trend, the court may be on ETH bulls to commandeer price action.
As of writing, ETH is at break even versus BTC, adding two percent.
What to Expect of ETH/BTC
ETH buyers appear to be in charge following the gains of October 12.
Even still, there must be a confirmation of the double bar bullish reversal pattern.
A close above 0.065 BTC and October 12 highs may draw more buyers angling for 0.070 BTC or better in the days ahead.
On the flip side, if BTC bulls flow back, reversing losses against ETH of October 12, prices may fall back to 0.055 BTC.
ETH/BTC Technical Analysis
There are flashes of strength for ETH buyers in the daily chart.
With a double bar bullish formation pattern at the 78.6 percent Fibonacci retracement of the H2 2021 trade range, ETH buyers may be taking the wheel.
For perspective, ETH is down roughly 21 percent from 2021 highs versus BTC at spot rates. Therefore, a close above 0.065 BTC may ignite demand which may see ETH stretch gains versus the greenback in the resumption of the early Q3 2021 trend towards 0.070 BTC or better.
Resistance level to watch out: 0.065 BTC
Support level to watch out: 0.060 BTC
Disclaimer: Opinions expressed are not investment advice. Do your research.