Technical Analysis for ETHBTC for 22nd March 2023
Bitcoin Gains 12% Versus ETH in Less Than 10 Days
Past Performance of ETHBTC
Bitcoin bulls are in the driving seat, adding 12% versus ETH, looking at the candlestick arrangement in the daily chart. Notably, the coin is within a breakout formation, forcing ETH back below October 2022 lows. As it is, BTC bulls can continue looking for entries on every attempt higher towards resistance at 0.066 BTC, targeting 0.058 BTC in the short term.
ETHBTC Technical Analysis
From the daily chart, the uptrend is clear. Even though BTC bulls are in a commanding position, it is evident that ETH bulls are in charge from a top-down preview. Notice that from June 2022, prices were mostly in consolidation, registering a bull flag until last week's push lower below the base. Still, ETH buyers are in a good position as BTC pushes hard, retesting the 61.8% Fibonacci retracement level. ETH might recover, but this may first require prices to expand above 0.066 BTC with rising volumes. In the short term, losses below 0.062 BTC may trigger even more losses towards 0.057 BTC, the 78.6% Fibonacci retracement of the June to September 2022 trade range. Aggressive traders can continue shorting any push higher with targets at this week's lows.
What to Expect from ETHBTC
Bitcoin bulls are in control, outperforming ETH in the short term. Since price action is within a bearish breakout formation, the downtrend remains, and prices might contract even more toward 0.062 BTC.
Resistance level to watch: 0.066 BTC
Support level to watch: 0.062 BTC
Disclaimer: Opinions expressed are not investment advice. Do your research.
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