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Technical Analysis for ETHBTC for 27th April 2022

Bitcoin Bulls Maintain Lead over ETH, Critical Support at 0.072 BTC

Past Performance of ETHBTC

ETHBTC remains within a sideways movement following a bear breakout formation on April 18. Technically, BTC bulls have the upper hand, a development that may spark more capital inflow, especially in a dicey crypto market. With ETHBTC boxed below0.075 BTC and ranging below the middle BB, the path of least resistance could be southwards in the medium term.

ETHBTC Technical Analysis

BTC buyers have the lead at spot rates. Despite ETH retaining the edge from a top-down analysis, the bear breakout formation of April 18 and the inability of ETH bulls to drive prices above 0.075 BTC even after the bull bar of April 22 skewed price action for BTC. Therefore, considering the formation in the daily chart, traders may wait until there is a conclusive, high volume breakout above 0.075 BTC and, on a conservative end, 0.076 BTC, before loading the dip. Meanwhile, BTC could take charge and shape the immediate term trajectory if there is a close below 0.072 BTC. In that latter's case, ETHBTC may drop to 0.070 BTC in a retracement from April 2022 peaks.

What to Expect from ETHBTC

In a risk-on crypto market state, BTC may benefit as a safe haven. Therefore, in light of this fact, ETHBTC has critical support at 0.072 BTC. A close above the middle BB could be the launching pad for more ETH gains in the medium to long term.

Resistance level to watch: 0.075 BTC

Support level to watch: 0.072 BTC

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

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