Ethereum Looking Strong Against the Bitcoin

BITFINEX:ETHBTC   Ethereum / Bitcoin
Since 20th of May, Ethereum has been correcting down, and price has declined from the btc 0.085 resistance, down to 0.07 support, resulting in a 20% loss against the Bitcoin . The interesting fct is that on the 29th of June, 50% Fibs support at btc 0.07 has been rejected, but then price closed below. Nevertheless, it failed to close below the previous low, and therefore suggesting the potential uptrend continuation.

But still, it is a little premature to say that ETH/BTC is trending upwards, and the strong confirmation could be the break and close above the btc 0.0735 resistance. If/when that occurs, Ethereum is likely to continue moving up, towards one of the Fibonacci retracement levels.

On a downside, daily break and close will invalidate bullish scenario and Ethereum should decline further, towards the btc 0.06 support area , that is 61.8% Fibs. If that support broken, next downside target would be 76.4% Fibs at btc 0.047.


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