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Ethereum price analysis: ETH price finds support against BTC

ethereum price analysis 9th august 2019

Ethereum price analysis reveals that the queen of cryptocurrency Ethereum (ETH) has finally found support against Bitcoin.

The ETH/BTC pair rose to the 0.022 BTC on 25th July 2019 and the bulls have since then, till 30th July 209, been trying to push past the 0.022 BTC mark.

However, to their disappointment, BTC came crashing down and has been on the decline since then.

Ethereum price analysis: ETH price finds support against BTC 1Ethereum price chart by Trading View

Since the beginning of May, the Ethereum price has been on an avalanche with a rather volatile pattern.

A pattern although bullish has tried making some advances towards the top bars on the chart. ETH is nearing the support are that’s quite vital for the bulls to keep if BTC is to avoid another major avalanche.

Ethereum price analysis: ETH price finds support against BTC 2

Ethereum price chart by Trading View

The support point to ponder over-and save ETH from falling below- lies in the 0.016 to 0.017 BTC range. A rather sloppy relative strength index (RSI) emerges. This is bullish at the point marked 24.

Ethereum price analysis – short term

The short-term analysis might give a clearer picture of the situation which shows an all-time low for Ethereum urging sellers to takeover charge in the crypto-space. The oversold territory is currently in the green. According to past results, 2016, this should turn into a turnover but no bullish signs are visible, thus far.

Ethereum price analysis: ETH price finds support against BTC 3

Ethereum price chart by Trading View

Ethereum price analysis – current pattern

A descending channel has enclosed Ethereum since July 9. Ethereum has since been trading in a closed space.

Ethereum price analysis: ETH price finds support against BTC 4

Ethereum price chart by Trading View

A bullish hammer is visible near the closest support line.

Ethereum price analysis: ETH price finds support against BTC 5

Ethereum price chart by Trading View

A reversal seems to be afoot but. But such a move isn’t considered bullish in the least as the moving averages (MA) gives clear signs for counter reversal that will bring Ethereum back down.

Ethereum price analysis: ETH price finds support against BTC 6

Ethereum price chart by Trading View

Ethereum has been trading under the one hundred (100), two hundred (200) day moving averages of August 4 and the August 7 ten (10) and (20) day moving averages.

Ethereum price won’t be changing its course. If anything unusual happens, at most, a little upward action will be visible due to the bullish hammer.

The next resistance for Ethereum if-defying all odds- it goes bullish, will be at 0.019BTC.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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