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#MyFirstFeedPost Hello, Binance Square!
The price of Ethereum's native token, Ether
ETH
tickers down
R$7,983
, is trading around a 15-month low against Bitcoin (BTC), and the lowest since Ethereum switched to the proof-of-stake (PoS) consensus model.
Will the asset continue to weaken for the remainder of 2023? Let's take a closer look at the graphs.
Ethereum price falls below critical level at par with Bitcoin
The ETH/BTC pair fell to 0.056 BTC earlier this week. In doing so, the pair broke its 200-week exponential moving average (EMA), marked on the chart by the blue wave, near 0.058 BTC. This movement further increases the downside risks for 2023.
The 200-week exponential moving average has historically served as a reliable support level for bulls in the ETH/BTC pair. For example, the pair saw a 75% increase in three months after testing wave support in July 2022. On the other hand, it fell more than 25% after losing the same support in October 2020.
The price of Ethereum's native token, Ether
ETH
tickers down
R$7,983
, is trading around a 15-month low against Bitcoin (BTC), and the lowest since Ethereum switched to the proof-of-stake (PoS) consensus model.
Will the asset continue to weaken for the remainder of 2023? Let's take a closer look at the graphs.
Ethereum price falls below critical level at par with Bitcoin
The ETH/BTC pair fell to 0.056 BTC earlier this week. In doing so, the pair broke its 200-week exponential moving average (EMA), marked on the chart by the blue wave, near 0.058 BTC. This movement further increases the downside risks for 2023.
The 200-week exponential moving average has historically served as a reliable support level for bulls in the ETH/BTC pair. For example, the pair saw a 75% increase in three months after testing wave support in July 2022. On the other hand, it fell more than 25% after losing the same support in October 2020.
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dYdX is forming a descending channel pattern on the daily chart💁♂️
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If the resistance is breached, we could see bullish moves towards $1.20, $1.48, and $2.22🎯
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