Ethereum(ETH)/BTC Technical Analysis at a Glance
ETH/BTC during the recent market slash stood strong and spiked high, behaving not less than a hedge to the entire crypto space. The pair rose above all and smashed a 3-year high while the other crypto assets, including Ethereum paired with USD or USDT, continued to bleed. And hence keeping alive the possibility of re-testing the higher levels above 0.15 BTC.
| Short-Term | The trend signals a bearish pattern as the selling pressure continues to mount |
| Mid- Term | A little bearish divergence is seen in the mid-term, and hence a minor pullback may be possible |
| Long – Term | The asset may continue to discover new highs that may include certain pullbacks |
ETH/BTC Price Technical Indicators
The ETH/BTC price ever since dropped massively during the last few days of March, following a notable uptrend. After it marked its yearly highs around $0.0824 BTC, it experienced a slight pullback. Despite the dip, the pair is swinging within a compressed region and attempting for a notable breakout. However, the pair despite the bearish trend of Bitcoin & Ethereum managed to form yet another yearly.
Relative Strength Index(RSI)
The RSI which indicates the strength of the asset is currently following a notable uptrend line. Moreover, it bounces at hitting the uptrend line and with enough momentum tests the upper levels. In the short-term, the RSI is extremely bearish as the asset may have been underground, an exhaustion post to a gigantic rally.
MACD
Ever since the beginning of the previous trading month, the MACD is signaling a bullish trend. The buying pressure is on the higher side with a minimum of selling. And hence in the long-term, the asset is pretty bullish. On the contrary, a huge selling pressure appears to have been mounted and hence a notable bearish trend may continue for some more time.
Moving Average(MA)
In the short term, the ETH/BTC pair is approaching the 100-day MA levels finding some support. The asset following a bearish trend may slice through these support levels. However, the next important support levels to hold are along with 200-day MA. On the contrary, in the long term, the price is ranging higher and higher than the MA levels.
Bollinger Bands
The Bollinger band after experiencing a squeeze propelled the price towards the north recently. And ever since then, the ETH/BTC pair is surging along with the upper bands in the long term. However, in the short term, the bands of a small squeeze flipped the price towards the south. Currently, the price is finding its support along with the lower bands and hence manifesting a bearish trend.
Ethereum(ETH)/BTC Price Analysis for the Week
The second-largest cryptocurrency experienced a notable drain during the recent crash. The Ethereum price plummeted heavily and revisited levels below $3500. While the asset was trying hard to recover with the USDT pair, the asset smashed a 3-yr high with the BTC pair. Currently, the pair after breaking through the upper levels of the parallel channel is yet again testing the same levels.
Source: Tradingview Date: 06-12-2021 Time: 03:49pm
- The ETH/BTC pair after smashing new highs are currently experiencing a minor pullback and hence revisiting the parallel channel yet again.
- The price needs to avoid slipping into the channel yet again to maintain a notable uptrend.
- On the other hand, bears are attempting to take control away from the bulls, yet the bulls appear to have relaxed a bit before continuing with the uptrend.
- After a small retest into the upper zones of the parallel channel, the asset could flip with a notable margin or else it may rebound without entering the channel.
- With a notable rebound, the ETH/BTC pair may eventually head towards the upper target around 0.1 BTC
ETH/BTC Price for Today: 06 December 2021
The Ethereum price today is hovering around $4000 while ETH/BTC price at the press time is around $0.0831 with a drop of nearly 2.69% in the past 24 hours. The buyers appear to be pretty strong and hence are attempting very hard to prevent the price from re-entering the channel. The buying volume is also accumulating well. Therefore, even if the pair experiences a notable downtrend, a flip towards the north may be imminent.
Where to buy Ethereum(ETH)
Ethereum cryptocurrency is the second-largest in the world after Bitcoin. And hence ETH is listed on all the major exchanges around the globe. If you are in search of a good platform to trade and also to know how to invest in Ethereum, there may be no better option than CoinDCX.
CoinDCX is India’s most trusted cryptocurrency exchange that offers hassle-free trades at affordable rates. All you need to do is just download the CoinDCX mobile App on your smartphone and register following a few simple steps.
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