Ethereum price spiked above the 0.0400BTC resistance and later declined sharply bitcoin. Both ETH/BTC and ETH/USD are currently under pressure and they may accelerate declines.
- Ethereum price topped near the 0.0415BTC level and later declined sharply.
- ETH/BTC broke a major bullish trend line with support at 0.0410BTC on the 4-hours chart.
- ETH price is currently trading well below 0.0365BTC and it may continue towards the 0.0320BTC support.
This past week, there was a steady rise in Ethereum price versus bitcoin above the 0.0380BTC level. ETH to BTC climbed above the 0.0400BTC resistance. Later, ETH/USD struggled to gain traction, resulting in bearish moves.
The 4-hours chart of ETH/BTC indicates that the price traded towards the 0.0420BTC level and formed a top near at 0.0416BTC. Later, the price started a solid decline, traded below the 0.0400BTC support, and settled below the 50 simple moving average (4-hours).
The price even broke the 50% Fib retracement level of the last wave from the 0.0313BTC low to 0.0416BTC high. More importantly, there was a break below a major bullish trend line with support at 0.0410BTC on the same chart.
It cleared the path for more declines and the price broke the 0.0365BTC and 0.0360BTC support levels. Immediate support is at 0.0338BTC and the 76.4% Fib retracement level of the last wave from the 0.0313BTC low to 0.0416BTC high.
If there is a break below the 0.0335BTC level, the price is likely to revisit the last swing low of 0.0313BTC. On the upside, initial resistance is at 0.0360BTC and a crucial bearish trend line at 0.0364BTC on the same chart.
Therefore, if the price corrects higher, it is likely to face sellers near 0.0.60BTC and 0.0364BTC, above which the main hurdle for buyers is near the 0.0380BTC level and the 50 simple moving average (4-hours).
Overall, Ethereum is under pressure below 0.0365BTC versus bitcoin and it also declined below $140.00 against the US Dollar. In the short term, there could be more losses in ETH to BTC as long as the price is below 0.0365BTC.