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Technical Analysis for ETHBTC for 21st October 2022

ETHBTC Consolidates, ETH Could Rally 25% if Bulls Break 0.068 BTC

Past Performance of ETHBTC

Bitcoin bulls have the upper hand versus ETH, per the candlestick arrangement in the daily chart. BTC has gained roughly 21 percent against ETH from early September 2022. However, at the moment, prices are consolidating with clear limits at 0.068 BTC and 0.066 BTC. A high volume break above the middle BB may see ETH buyers take charge in a reversal. If not, there could be more room for BTC bulls to press in a bear-trend continuation.

Ethereum - Bitcoin Technical Analysis

The extended consolidation of the ETHBTC has led to a BB squeeze in the daily chart. Sellers remain in charge, and BTC bulls may double down if there are gains below 0.066 BTC and the 50 percent Fibonacci retracement level. In that case, BTC traders may load up on every attempt higher with sights at 0.063 BTC in a bear breakout formation. However, risk-on traders may ride the wave higher, favoring ETH bulls if there is a breakout above the middle BB and 0.068 BTC. This breakout would align ETH with the primary trend established in the better part of Q3 2022. If Ethereum buyers take charge, there will be a high possibility of a retest of September highs at 0.085 BTC.

What to Expect from ETHBTC

Prices are stuck in a sideways movement after weeks of lower lows. However, from a top-down preview, buyers have the upper hand, as the price action of Q3 2022 reveals. Therefore, if there is an ETH-favorable break out above the 20-day moving average, prices could explode higher.

Resistance level to watch: 0.068 BTC

Support level to watch: 0.066 BTC

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

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