Ethereum/Bitcoin(ETH/BTC) Technical Analysis: 24 December 2021

ETH/BTC trading pair recorded new highs just a few days before. It was the time when the ETH/USDT was struggling to hold the resistance levels strong, ETH/BTC smashed a new ATH. Woefully, as in every asset, a notable pullback quickly made its way out including an attempt of revisiting the highs. Currently, the pair appears to be pretty bearish and lower levels are expected to come in. 

Ethereum/Bitcoin(ETH/BTC) Technical Analysis at a Glance

The ETH/BTC pair ever since flipped the bearish trend and maintained a notable uptrend line. Despite multiple pullbacks, the trend line acted as strong support levels. However, in the past couple of hours, the pair just broke down from the uptrend indicating a notable correction incoming. 

ETH/BTC Technical Indicators

Technical Indicators

Summary:

The Moving averages in the long term are slowly shifting from neutral to buy. Yet the technicals indicate a strong sell signal. On the contrary in the short term, most of the Moving averages, SMA & EMA and the technical indicators point out towards a strong sell. 

And hence in the short term, the ETH/BTC pair may revisit the lower support levels at 0.071965 SATS. The traders looking to enter a long trade may encounter a good buying opportunity very soon while the shorting may be pretty costly at the press time. 

ETH/BTC Technical Analysis for the Week

The ETH/BTC initiated the weekly trade consolidating within a narrow range, however, the mid-week plunge was drastic which did not give room to form any lower highs or lows. On the other hand, the zones around 0.071965 SATS are quite important as the pair visited these levels frequently and quickly flipped the trend, and hence the current drop may continue until these levels are revisited. Yet a trend reversal may be imminent from these levels.

The ETH/BTC from the past couple of months is rising high within a rising wedge. However, it appears that the value had reached the apex of the wedge and hence as an outcome, the ETH/BTC pair reversed the trend towards the south and headed towards the lower support. 

Coming to the FIB levels, the ETH/BTC pair is swinging within 0 and 0.6 FIB levels. The pair may rebound from 0 FIB levels at 0.080322 SATS, else if failed to do so, critical support levels at 0.071965 may assist the flip. Yet the immediate target could be to hit the 1 FIB levels just below 0.09 SATS piercing through 0.6 FIB levels just above 0.085 SATS.

On the contrary, the ETH/USDT pair is performing quite well compared to that of ETH/BTC. The ETH price is consolidating heavily around the $4000 levels with less possibility of a drastic plunge. And hence manifest a huge tendency to range high breaking the range-bound trend. 

ETH/BTC Technical Analysis for Today: 24 December 2021

The ETH/BTC pair has been pretty bearish for the past 3 to 4 days and continues to form lower lows since the beginning of the present trading day. With the selling pressure slightly above the buying, the asset is unable to rebound from its lows. Moreover one can expect a continued trend for some more time until the strong support levels are not revisited. And this will be when the buyers may jump into uplifting the price towards the next resistance levels. The ETH/BTC price at the press time is 0.080207 with a slight drop of 0.85%. 

Where & How to buy ETH/BTC

Although ETH/BTC is widely available on all the major platforms, CoinDCX may be the best-suited option with affordable rates and a wide variety of crypto assets. CoinDCX is India’s trusted cryptocurrency exchange, the first cryptocurrency Unicorn with a more than 7 million user base.  We aim to expand the user base to 50 million in the coming years. 

Buying any assets including ETH/BTC on CoinDCX includes 3 simple steps:

• Download the CoinDCX app from the play store on your smartphone and create your account for free
• Add your personal details, complete the KYC process and enter your bank account details. 
• Deposit funds onto your CoinDCX wallet and buy Bitcoin first. Later swap your Bitcoin to buy Ethereum. 

Currently, it is the best time to start trading on CoinDCX as the ‘New Year Countdown Carnival’ is going on. CoinDCX brings you vouchers worth INR 2000. All you need to do is deposit an exact amount of INR 1221 in your wallet and place an order of the same value. Now you are eligible for the race to win the Vouchers, Simple!!

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