Ethereum VS Bitcoin Price Development
Since Ethereum formed the top, back in 20th of May, price has declined from btc 0.0858, down to the recent low at btc 0.07. This was a 18.5% drop that has taken place during the past 5 weeks.
Yesterday, after producing few spikes below the 3/1 Gann Fan trendline, ETH/BTC rejected rejected it, by failing to close below. Nevertheless, price hasn't touched the 50% Fibonacci support which could mean that ETH could start consolidating and eventually hitting the support.
Now ETH/BTC seem to be stuck between the uptrend trendline, which is acting as the resistance, and 50% Fibs. In order to establish a trend, break above or below will be required and only then Ethereum will be ready to move.
At this stage it could be better to wait out the consolidation phase and see how price will react to the Fib support and resistance trendline, and only then take action accordingly.
Yesterday, after producing few spikes below the 3/1 Gann Fan trendline, ETH/BTC rejected rejected it, by failing to close below. Nevertheless, price hasn't touched the 50% Fibonacci support which could mean that ETH could start consolidating and eventually hitting the support.
Now ETH/BTC seem to be stuck between the uptrend trendline, which is acting as the resistance, and 50% Fibs. In order to establish a trend, break above or below will be required and only then Ethereum will be ready to move.
At this stage it could be better to wait out the consolidation phase and see how price will react to the Fib support and resistance trendline, and only then take action accordingly.
Trade closed: target reached