Technical Analysis for ETHBTC for 25th February 2022
ETHBTC Holds Steady above 0.067 BTC amid a Bitcoin Revival
Past Performance of ETHBTC
In the past three months, BTC motored 26 percent against ETH, unwinding gains. When writing, ETH and BTC appear to be equally matched, but Bitcoin has the upper hand. The immediate support line is around 0.065 BTC, while the liquidation line is defined at 0.072 BTC. Presently, there are hints of strength which can only be confirmed by a high volume close above 0.072 BTC, marking a local bottom and possibly the continuation of buying pressure of late January 2022.
ETHBTC Technical Analysis
It is a battle for ETH and BTC traders, boxing price action in a 0.007 BTC trade range. Even so, BTC bulls have the upper hand since price action is within the bear range from February 18. Nonetheless, the series of higher highs relative to the lower BB are positive indicators of strength, supporting ETH bulls. Risk-on traders may wait for a strong, high volume close above 0.072 BTC before committing and targeting 0.075 BTC and 0.077 BTC. If not, a sharp dump below 0.067 BTC may see Bitcoin register more gains, forcing ETH back to 0.065 BTC and retesting 2022 lows.
What to Expect of ETHBTC
ETH and BTC possess store-of-value attributes, positive in supporting their respective valuation. Still, BTC's first-mover advantage and institutional support may see it stretch gains versus ETH.
Resistance level to watch: 0.072 BTC
Support level to watch: 0.067 BTC
Disclaimer: Opinions expressed are not investment advice. Do your research.
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