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Technical Analysis for ETHBTC for 21st January 2022

Ethereum Likely to Outperform Bitcoin above 0.070 BTC after Worrying Dump

Past Performance of ETHBTC

Ethereum is dominant even in the face of strong BTC bulls as per the ETHBTC price action of the past few weeks. There is a possible double bar reversal pattern to signal ETH bulls. However, whether prices will recover depends on the reaction at 0.070BTC and if ETH bulls will build from January 20 rejection of selling pressure.

ETHBTC Technical Analysis

ETHBTC prices are within a bull flag, an expanded look of the pair's performance in the daily chart reveals. In an extended run of higher highs inside a rising channel, ETH has the upper hand. On January 20, ETHBTC prices found support at the 50 percent Fibonacci retracement level of the Q4 2021 trade range and remained firm in the early Asian session. ETH bulls might take charge if there are sustained gains above 0.073 BTC. In that case, ETH may surge back to 0.080 BTC—or more in upcoming sessions.

What to Expect of ETHBTC

After an expected cool-off, ETH bulls are back in the equation. Although BTC bulls are dominant, extended losses versus ETH may swing price action against the most valuable coin. In the short term, ETH prices could rise to 0.080 BTC. If not, a loss below 0.073 BTC may be the path for a retest of November 2021 lows at 0.070 BTC.

Resistance level to watch: 0.080 BTC

Support level to watch: 0.073 BTC

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

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