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
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