Technical Analysis for ETHBTC for 15th August 2022
Ethereum Pullbacks, but will Bulls Reclaim 0.088 BTC?
Past Performance of ETHBTC
Ethereum is outperforming Bitcoin at spot rates even with the dump on August 14. Thus far, ETH is up a massive 58 percent versus the digital gold, with more headroom, reading from the formation in the daily chart. In the days ahead, traders should watch out for how prices react at last week's highs at 0.079 BTC, gauging how the medium-term formation will be.
ETHBTC Technical Analysis
The August 14 bar is engulfing and has relatively high trading volumes. After gains from mid-June, ETH prices may recoil briefly before another leg up because of fundamental factors. Accordingly, traders may search to buy the dips above 0.073 BTC, marking August 10 lows. If prices retrace from last week's peaks but are maintained above 0.073 BTC, the uptrend will be valid from an effort versus results perspective. Bull resumption would likely push ETH back to December 2021 peaks at 0.088 BTC. If not, sharp dumps below 0.073 BTC may complete a head-and-shoulder formation, swinging price action for BTC bulls.
What to Expect from ETH
ETH bulls are solid and have the upper hand. Even so, for the uptrend to be valid, there must be a sharp close above last week's highs. A spike above this liquidation level may see ETH float to 2021 highs.
Resistance level to watch: 0.081 BTC
Support level to watch: 0.073 BTC
Disclaimer: Opinions expressed are not investment advice. Do your research.
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