Ethereum price jaw dropped below 0.0275BTC against bitcoin and below $110.00 versus the US dollar. ETH/BTC is following a massive downtrend and it could struggle to recover above 0.0275BTC.
- Ethereum price declined recently and broke the 0.0300BTC and 0.0275BTC support levels.
- ETH/BTC is following a major declining channel with resistance near 0.0275BTC on the 4-hours chart.
- ETH price could correct higher, but it is likely to face sellers near 0.0275BTC and 0.0280BTC.
Ethereum Price Analysis (ETH/BTC)
The past few weeks were pretty bearish for Ethereum price versus bitcoin and US dollar as it fell below 0.0275BTC and $110.00 respectively. Sellers remained in action and pushed ETH to BTC below the 0.0300BTC and 0.0275BTC support levels.
The 4-hours chart of ETH/BTC indicates that the settled below the 0.0300BTC support level and the 50 simple moving average (4-hours). Later, there was an upside correction, but the same support near 0.0295BTC and 0.0300BTC acted as a solid hurdle.
Chart sourced by TradingView, Bitfinex
The recent decline was such that the price even broke the 0.0260BTC support. A new multi-month low was formed near 0.0258BTC and the price is still following a massive downtrend.
On the upside, the first hurdle for buyers is near the 23.6% Fib retracement level of the last drop from the 0.0290BTC high to 0.0258BTC low. More importantly, there is a major declining channel in place with resistance near 0.0275BTC on the same chart.
The channel resistance near 0.02750BTC coincides with the previous support area. Besides, the 50% Fib retracement level of the last drop from the 0.0290BTC high to 0.0258BTC low is also near 0.0275BTC.