ETH/BTC Technical Analysis:
Ether may have found a temporary support level in its bearish journey against Bitcoin. The depreciation of Ether, valued in Bitcoins, has been steady after reaching the top of the current bullish channel at the end of January.
It has now reached the channel's floor, an excellent opportunity to halt the slide.
It is not in Ether's favour that the 200-day simple moving average is below the current level, well inside the lower channel.
The MACD indicator has an aggressive bearish profile, only diminished by the presence of the indicator's neutral level and the counter-reaction to the current downward movement's violence.
Above the current level, the first target level is at the 0.03733 price level, followed by the 0.03984 level. On the bearish side, the first support level is at 0.03287, followed by the second one at the 0.03143 price level.
It has now reached the channel's floor, an excellent opportunity to halt the slide.
It is not in Ether's favour that the 200-day simple moving average is below the current level, well inside the lower channel.
The MACD indicator has an aggressive bearish profile, only diminished by the presence of the indicator's neutral level and the counter-reaction to the current downward movement's violence.
Above the current level, the first target level is at the 0.03733 price level, followed by the 0.03984 level. On the bearish side, the first support level is at 0.03287, followed by the second one at the 0.03143 price level.
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