Key Takeaways:
Ethereum is still struggling to start an uptrend versus Bitcoin. ETH/BTC is following a crucial bearish trend line with resistance at 0.0450 on the weekly chart. The price could start a fresh surge if the pair surpasses the 50-week simple moving average (blue) and 0.050.Ethereum is eyeing a bullish reversal versus Bitcoin. ETH/BTC could gain bullish momentum if it clears 0.0450 and 0.0500.
Ethereum Still Faces Uphill Task Vs Bitcoin
In the past few weeks, Bitcoin saw a massive increase above the $80,000 and $90,000 levels. It even cleared the $100,000 level to set a record. However, Ethereum is still well below its previous all-time high. As a result, ETH/BTC extended losses below the 0.0350 support zone.
A swing low was formed near 0.0319BTC and the price is now recovering some losses. There was a minor increase above the 0.0350BTC level, but the bears remain active.
Ethereum’s price weekly chart | Source: ETH/BTC on TradingView.comEthereum is still in a downtrend below the 0.050BTC resistance zone. If there is a steady increase, immediate resistance ETH/BTC could face sits at 0.045BTC.
There is also a crucial bearish trend line forming with resistance at 0.0450 on the weekly chart. The trend line is a key juncture since it coincides with the 23.6% Fib retracement level of the main decline from the 0.0855 swing high to the 0.0319 low and the 50-week simple moving average (blue).
The next major hurdle sits at 0.050BTC. A successful weekly close above the 50-week simple moving average (blue) and 0.050BTC could confirm a medium-term reversal.
In the stated case, Ethereum could rise toward the 0.0585 level vs Bitcoin. It coincides with the 50% Fib retracement level of the main decline from the 0.0855 swing high to the 0.0319 low. The next major resistance is 0.0650. Any more gains might send ETH toward 0.0850 in the coming weeks.
More Downsides In ETH/BTC?
If ETH/BTC struggles to clear the 50-week simple moving average (blue), there could be another decline. The first major support might be near the 0.0350 level.
The next key support is 0.0320. If the bulls fail to protect the 0.0320 zone, the price could accelerate lower. In the stated case, Ethereum may perhaps revisit the main support at 0.0280BTC.
Overall, Ethereum is still in a downtrend versus Bitcoin below 0.0500. If ETH/BTC settles above 0.050, there could be a strong surge. On the other hand, the price might retest the key support at 0.0320.
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