ETH/BTC Daily Chart. Source: TradingView
ETH-BTC Short Term Price Prediction
Looking ahead, the very first assistance lies at 0.0318 BTC, which is combined support provided by the 200-days EMA, the December 2020 highs, the.618 Fib, and a downside 1.618 Fib Extension. Beneath this, support lies at 0.03 BTC, 0.0295 BTC (drawback 1.272 Fib Extension), and 0.0284 BTC (Feb 2020 Highs).
On the other side, the first level of resistance now lies at 0.0337 BTC (Nov 2020 Highs). This is followed by 0.035 BTC, 0.0361 BTC, and 0.038 BTC.
The RSI has been in bearish territory for many of February for ETH/BTC. It is starting to level out today, which might recommend the bearish momentum is prepared to begin fading.
Title: Ethereum Price Analysis: 30% Correction in Two Days But is the Worst Over for ETH?
Sourced From: cryptopotato.com/ethereum-price-analysis-30-correction-in-two-days-but-is-the-worst-over-for-eth/
Published Date: Tue, 23 Feb 2021 22:53:41 +0000 Share on TwitterShare on FacebookShare on LinkedInShare on RedditShare on Pinterest2021s Most Anticipated Growth & Wealth-Building OpportunityJoin Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency TogetherCLAIM YOUR SEAT!Read More
ETH/USD Daily Chart. Source: TradingView
ETH-USD Short Term Price Prediction
Looking ahead, if the bearish action continues, the first support lies at $1465 (.382 Fib & 50-day MA). This is followed by $1425, $1358 (todays low), and $1291 (.5 Fib). Additional assistance lies at $1250 (downside 1.618 Fib) and $1173 (100-days EMA).
On the other side, the very first resistance lies at $1600. This is followed by $1681 (previous channel support– now resistance), $1700, $1765, and $1800.
The everyday RSI took a precipitous drop over the past couple of days as it fell from the bullish favor into severe bearish territory. It has actually not been this bearish for quite some time, and we need to go all the way back to September to see a similar level. This is quite a promising situation as it provided the momentum an opportunity to reset after being parabolic for a prolonged period.
ETH/BTC– Bulls Attempting To Defend 200-days EMA
Key Support Levels: 0.0318 BTC, 0.03 BTC, 0.0295 BTC.
Key Resistance Levels: 0.0337 BTC, 0.035 BTC, 0.0361 BTC.
Versus Bitcoin, Ethereum is also having a hard time quite substantially as it increases as low as 0.03 BTC today. The cryptocurrency has now established a descending price channel and is trading above the midline of the channel.
It started the month by striking a fresh 2021 high at 0.046 BTC but quickly rolled over from here to start the drop. After hitting 0.03 BTC today, the bulls rapidly regrouped to bring the rate back above 0.032 BTC (200-day EMA).
A break below this 200-days EMA may send Ethereum into a prolonged bearish spiral over the next few weeks.
Secret Resistance Levels: $1600, $1681, $1700.
Yesterday, Ethereum dropped to $1550 but quickly recuperated by the end of the day to close the day-to-day candle simply below $1800. Today, the market toppled once again and declined by another 10% to reach the current $1550 level.
Ethereum had actually slipped even more earlier in the day, reaching a low of $1358 before recovering to its existing rate. The support here was offered by the low seen on February 2nd, 2021, and was additional bolstered by an increasing pattern line.
It would have fallen out of the ascending rate channel that it has been trading within throughout the entire period of 2021 if ETH closes near these levels today.
ETH/USD– Market Falls Of Out Increasing Pirce Channel
Secret Support Levels: $1465, $1425, $1358.
Looking ahead, if the bearish action continues, the very first support lies at $1465 (.382 Fib & 50-day MA). This is followed by $1425, $1358 (todays low), and $1291 (.5 Fib). Additional assistance lies at $1250 (downside 1.618 Fib) and $1173 (100-days EMA).
The daily RSI took a sheer drop over the previous couple of days as it fell from the bullish favor into severe bearish area. It has not been this bearish for quite some time, and we have to go all the way back to September to see a comparable level.