Technical Analysis for ETHBTC for 17th November 2021
ETHBTC: Bitcoin Bulls Will Take Over if 0.070 BTC Falls
Past Performance of ETHBTC
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
A close above 0.075 BTC , for instance, may see ETH press higher in a rally, continuing the impressive performance from mid-October 2021.
The probability of more drawdown increases if ETH continues to post losses, sinking below $4k.
ETHBTC Technical Analysis
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
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