Technical Analysis for ETHBTC for 26th August 2022
ETH Uptrend is Defined, Bulls May Reclaim 0.082 BTC
Past Performance of ETHBTC
Following gains of August 25, ETH bulls have unwound losses it posted versus BTC on August 19. However, those gains have been reversed at spot rates. The positive news is that ETH prices are back above the 20-day moving average, aligning with the primary trend established in July. As of now, aggressive ETH traders may load the dips in smaller time frames, targeting 0.082 BTC or August 2022 highs. However, this forecast will hold as long as prices are above 0.074 BTC or last week's lows. Meanwhile, conservative trend traders can wait for a clean close above 0.082 BTC before riding the emerging formation, aiming for 0.089 BTC or December 2021 highs.
ETHBTC Technical Analysis
Losses of late last week have been reversed, and ETH prices are back in an uptrend despite earlier losses today. In all, the primary trend has been defined and ETH bulls may edge above August 2022 highs in a continuation pattern if ETH bulls reject lower prices by today’s close.
What to Expect from ETHBTC
Bears are in control, but Bitcoin bulls have been firm as of writing. Although the primary trend is downwards, the recovery of prices in the past trading days is a net positive. A clear trend will emerge if BTC prices close above immediate resistance lines.
Resistance level to watch: 0.082 BTC
Support level to watch: 0.074 BTC
Disclaimer: Opinions expressed are not investment advice. Do your research.
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