๐ ETH/BTC Technical Analysis: Bearish Outlook for #Ethereum
๐ 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.
๐ฏ Price Targets:
1๏ธโฃ First Target: 0.055 BTC
2๏ธโฃ 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.
โ ๏ธ 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.
๐ก Key Levels
Support: 0.05578 BTC / 0.048 BTC / 0.037 BTC
Resistance: 0.072 BTC
๐ย 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!
