📊 ETH/BTC Technical Analysis: Bearish Outlook for #Ethereum
📉 Current Trading Level: 0.065 BTC
Based on our chart analysis, Ethereum ( $ETH ) in the #BTC pair is showing a bearish trend. The symmetrical triangle trendline has recently broken down and retested, indicating a potential further decline.
🎯 Price Targets:
1️⃣ First Target: 0.055 BTC
2️⃣ Second Target: 0.048 BTC
At the 0.048 BTC level, we anticipate a possible bounce-back as it aligns with the 0.618 Fibonacci retracement level.
⚠️ Important Considerations
If the price breaks below 0.048 BTC, we could see a further drop to 0.037 BTC, which may present an attractive entry point for investors. However, it is crucial to conduct thorough research and analysis before making any investment decisions.
💡 Key Levels
Support: 0.05578 BTC / 0.048 BTC / 0.037 BTC
Resistance: 0.072 BTC
🔒 Disclaimer: Please note that this analysis is for informational purposes only and should not be considered financial advice. Always conduct your own research and exercise caution in #cryptocurrency investments.
Happy trading!
