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Technical Analysis for ETHBTC for 17th November 2021

ETHBTC: Bitcoin Bulls Will Take Over if 0.070 BTC Falls

Past Performance of ETHBTC

Losses in the ETHBTC pair are contained.

Nonetheless, from the ETHBTC daily chart , it appears that BTC buyers are taking control. In the past few days, prices have been moving sideways, printing lower lows relative to the upper BB.

It may suggest weakness of ETH though the uptrend favors the second most valuable cryptocurrency project reading from the performance in the daily chart.

What to Expect of ETHBTC

The path of least resistance remains southwards in the short term. The zone between 0.070 and 0.075 BTC are critical reaction points.

A close above 0.075 BTC , for instance, may see ETH press higher in a rally, continuing the impressive performance from mid-October 2021.

Meanwhile, losses below 0.070 BTC would most likely draw BTC buyers.

The probability of more drawdown increases if ETH continues to post losses, sinking below $4k.

ETHBTC Technical Analysis

ETHBTC prices are consolidating below the middle BB and at around 0.070 BTC—a crucial support line.

Technically, there are hints of weakness as selling bars align with the lower BB.

At the same time, there are lower lows relative to the upper BB, suggesting weakness after price surges in the last four weeks.

Notably, ETHBTC prices are recoiling after retesting the 78.6 percent Fibonacci retracement level of the September 2021 trade range.

Therefore, sustained losses below 0.070 BTC might spark a sell-off as bears rewind gains of the last month.

Resistance level to watch: 0.075 BTC

Support level to watch: 0.070 BTC

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

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