Price Analysis

While Ethereum is Flying High, The ETH/BTC Pair Remains Pretty Bearish, What’s Next?

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Dec 24, 2021

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Highlights

    Ethereum is still hovering around the critical zone of $4000, while the ETH/BTC continues to fall into a deep bearish well

    The upcoming ETH/BTC forecast remains bearish as the asset is primed to hit the lower support levels very soon

The crypto space is doing pretty well with the USDT trading pair, but the assets with BTC trading pairs are trembling down drastically. It was just a couple of days before, the ETH/BTC had smashed the highs, and since then the pair have been drowning heavily. No doubt it did attempt to reverse the trend, yet again fell back drastically. Currently, no possibility of a huge reversal is witnessed until a huge chunk of investors jump into the space. 

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The ETH/BTC was hovering within a range-bound for nearly a week with huge volatility while the ETH/USDT remained silent. Yet when the USDT pair initiated to swing highs, the BTC pair was impacted in reverse order. And therefore, slides down from 0.0847 BTC to as low as the current levels at 0.080420 BTC. Currently, in the short term, the pair is consolidating to prevent further losses. 

Currently, the pair is attempting to rise above the crucial zones at 0.080423 and eventually slash through 0.080570. However, the crucial levels to surpass lie at 100 EMA levels at 0.081746, while the major resistance lies at 0.082726 BTC which may confirm a notable uptrend. Yet this rally may take its own time as the USDT pair is gaining strength and the trades may play with this asset rather than the BTC pair. 

Collectively, ETH/BTC pair is manifesting a complete bearish scenario, also the upcoming attempts of a rebound may also fail to do so. As the USDT pair calms down a little one can expect a decent rally, else the downtrend could continue until the lower support levels are reached.

Also Read : Algorand, Zilliqa, and Elrond Turn as Potential Contenders To Buy The Dip

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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