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Technical Analysis for ETHBTC for 27th January 2022

Bitcoin Bulls Firm, ETHBTC May Fall to 0.060 BTC

Past Performance of ETHBTC

Crypto traders are apprehensive and are unwilling to commit at spot rates. The strengthening of Bitcoin versus ETH, as evident in the ETHBTC daily chart, could be an indicator of flight to safety. Accordingly, the odds of BTC outperforming ETH in the days ahead are high. ETHBTC has support at the 78.6 percent Fibonacci retracement of the Q4 2021 trade range at 0.065 BTC.

ETHBTC Technical Analysis

Ethereum may be at a crucial point of transiting, but Bitcoin's institutional demand gives it an edge over ETH. Bitcoin's momentum is also strong. Despite gains earlier this week, ETH bulls didn't build on them to reverse losses of January 24. Therefore, from an Effort-versus-Result perspective, Bitcoin bulls have the upper hand. In that case, an expansion of BTC pushing prices below 0.065 BTC could swing the door open for bulls targeting October 2021 lows of 0.060 BTC.

What to Expect of ETHBTC

Bitcoin is a store of value. This outweighs Ethereum's immediate fundamentals. In light of this, Bitcoin may outperform ETH in the short term to retest 0.060 BTC. Even so, a close above 0.070 BTC would shift momentum to favor ETH bulls.

Resistance level to watch: 0.070 BTC

Support level to watch: 0.065 BTC

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

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