This website uses cookies to ensure you get the best experience on our website

Technical Analysis for ETHBTC for 17th June 2022

Bitcoin Solid as ETHBTC Drops 40%, Support at 0.049 BTC

Past Performance of ETHBTC

Bitcoin bulls have forced ETHBTC prices below four key support levels in the past two months. Currently, ETH is on the receiving end as prices change hands at near 2022 lows. Per the ETHBTC technical arrangement, BTC bulls are squarely in control, and the 0.050 BTC is a critical support level.

ETHBTC Technical Analysis

ETHBTC prices are edging lower in a bear breakout formation as BTC buyers ride the lower BB. Prices are sinking within a clearly defined descending channel as Bitcoin nullifies attempts by ETH bulls to reverse losses. Still, the rundown was rejected as prices recovered from around 0.049 BTC. In a three-bar formation, ETH bulls forced prices higher, only to find resistance at approximately 0.055 BTC. For optimistic bulls, a breakout above June 11 highs at 0.058 BTC and the middle BB with expanding volumes may be the base for a rally back to 0.060 BTC. Conversely, if ETH bulls are rejected, and prices sell-off below 0.049 BTC, ETHBTC would race to 0.045 BTC in a bear trend continuation pattern.

What to Expect from ETHBTC

In a risk-on market, traders prefer stability, explaining gains made by BTC in the past few months. The immediate support is at 0.049 BTC. If this floor is lost, ETHBTC could slip to Q1 2021 territory.

Resistance level to watch: 0.055 BTC

Support level to watch: 0.049 BTC

Disclaimer: Opinions expressed are not investment advice. Do your research.

For more interesting tips and facts visit our Education Centre.

Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020