Ethereum / BitcoinShort
Brace Yourself: Ethereum's Bearish Momentum
Updated
ETH/BTC Technical Analysis: A Bearish Outlook for Ethereum in BTC Pair
In this technical analysis of the ETH/BTC trading pair, we will examine the current state of Ethereum in relation to Bitcoin. We will analyze the chart patterns, trendlines, and key levels to provide insights into the potential future movement of Ethereum. It is important to note that this analysis is for informational purposes only and should not be considered financial advice. Investors should conduct their own research before making any investment decisions.
Chart Analysis:
Ethereum is currently trading at 0.065 BTC, and based on the chart, it is evident that the cryptocurrency has been gradually working in a downtrend. The symmetrical triangle trendline has recently experienced a breakdown and subsequent retest. This indicates a bearish signal for Ethereum in the BTC pair.
Price Targets:
The first target for Ethereum in the BTC pair is expected to be at 0.055 BTC. If the downward momentum continues, the second target lies at 0.048 BTC. At this level, we may anticipate a potential bounce-back as it coincides with the 0.618 Fibonacci retracement level.
Important Considerations:
It is crucial to keep in mind that if the price breaks below the 0.048 BTC level, it could further extend the downward movement, potentially reaching the 0.037 BTC level. This could provide a favorable entry point for investors, but thorough research is advised before making any investment decisions.
Conclusion:
Taking into account the technical analysis of the ETH/BTC trading pair, it appears that Ethereum is currently in a bearish phase. We anticipate a potential 30-50% decline from the current levels. However, market movements are subject to various factors and should be carefully monitored. The key support levels to watch for are 0.05578 BTC, 0.048 BTC, and 0.037 BTC, while the resistance level stands at 0.072 BTC.
Disclaimer:
Please note that this analysis is not intended as financial advice. It is crucial to conduct your own research and analysis before making any investment decisions. Cryptocurrency markets are highly volatile, and investments involve risks. Always seek professional advice when considering investments.
In this technical analysis of the ETH/BTC trading pair, we will examine the current state of Ethereum in relation to Bitcoin. We will analyze the chart patterns, trendlines, and key levels to provide insights into the potential future movement of Ethereum. It is important to note that this analysis is for informational purposes only and should not be considered financial advice. Investors should conduct their own research before making any investment decisions.
Chart Analysis:
Ethereum is currently trading at 0.065 BTC, and based on the chart, it is evident that the cryptocurrency has been gradually working in a downtrend. The symmetrical triangle trendline has recently experienced a breakdown and subsequent retest. This indicates a bearish signal for Ethereum in the BTC pair.
Price Targets:
The first target for Ethereum in the BTC pair is expected to be at 0.055 BTC. If the downward momentum continues, the second target lies at 0.048 BTC. At this level, we may anticipate a potential bounce-back as it coincides with the 0.618 Fibonacci retracement level.
Important Considerations:
It is crucial to keep in mind that if the price breaks below the 0.048 BTC level, it could further extend the downward movement, potentially reaching the 0.037 BTC level. This could provide a favorable entry point for investors, but thorough research is advised before making any investment decisions.
Conclusion:
Taking into account the technical analysis of the ETH/BTC trading pair, it appears that Ethereum is currently in a bearish phase. We anticipate a potential 30-50% decline from the current levels. However, market movements are subject to various factors and should be carefully monitored. The key support levels to watch for are 0.05578 BTC, 0.048 BTC, and 0.037 BTC, while the resistance level stands at 0.072 BTC.
Disclaimer:
Please note that this analysis is not intended as financial advice. It is crucial to conduct your own research and analysis before making any investment decisions. Cryptocurrency markets are highly volatile, and investments involve risks. Always seek professional advice when considering investments.
Trade active
ETH/BTC Technical Analysis: Bearish Outlook for Ethereum
ETHCurrent Trading Level: 0.062 BTC
7% Down form Previous Analysis.
Key Levels:
Support: 0.05578 BTC / 0.048 BTC / 0.036 BTC
Resistance: 0.072 BTC
Analysis:
Ethereum in the BTC pair is showing a bearish trend. The symmetrical triangle trendline has broken down, indicating a potential further decline. If the price breaks below 0.059 BTC, we could see a further drop to 0.037 BTC.
Price Targets:
1️⃣ First Target: 0.055 BTC
2️⃣ Second Target: 0.048 BTC
3️⃣ Third Target: 0.036 BTC
Important Considerations:
At the 0.048 BTC level, we anticipate a possible bounce-back as it aligns with the 0.618 Fibonacci retracement level. However, it is crucial to conduct thorough research and analysis before making any investment decisions.
Disclaimer:
This Analysis is for informational purposes only and should not be considered as financial advice. Traders and investors should conduct their own research and exercise caution when making investment decisions.
Twitter: twitter.com/CryptoPatel
Telegram: t.me/OfficialCryptoPatel
Instagram: instagram.com/cryptopatel?utm_medium=copy_link
Telegram: t.me/OfficialCryptoPatel
Instagram: instagram.com/cryptopatel?utm_medium=copy_link
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.