Ethereum Price Trends: ETH/BTC May Move Down
Ethereum price after trading as high as 0.0233BTC found sellers and started to trade down. ETH/BTC is currently trading near the 100 hourly simple moving average, and may be heading lower in the short term.
There is a bearish trend line formed on the hourly chart of the ETH to BTC (data feed via Poloniex), which is acting as a resistance for an upside move.
Ethereum Price Bearish?
Ethereum price is following a downward slope path along with a bearish trend line on the hourly chart. The price recently tested the 61.8% Fib retracement level of the last move up from the 0.01869BTC to 0.0233BTC, and found bids.
However, the ETH bulls are finding it really hard to break the highlighted trend line and resistance area.
I think there is a huge possibility of a down move in ETH/BTC if the 100 SMA acts as a pivot and pushes the price lower.
The price may move down towards the 76.4% Fib retracement level of the last move up from the 0.01869BTC to 0.0233BTC in the stated scenario.
On the upside we need to keep a watch on the highlighted bearish trend line. Only a break above it may call for more gains in the short term.
Chart prepared on Tradingview.com and data source was Poloniex.