Ethereum

Hope

Momentum

<ul class="wp-block-list">
 <li>ETH/BTC breaks key support, testing a crucial zone between 0.035-0.038 BTC; failure to hold may lead to further declines.</li>  
 <li>RSI nearing oversold levels hints at a potential local bottom, but bearish momentum still dominates ETH/BTC price action.</li>  
 <li>Declining volume and a downtrend in the Stochastic oscillator suggest sellers remain in control, limiting buying strength.</li> 
</ul>  
<p>Ethereum against Bitcoin has been on a downtrend recently, with the pair showing a slight decrease of 0.42%. The price currently sits at approximately <a href="https://www.tradingview.com/chart/8GOpLdvL/?symbol=BINANCE%3AETHBTC" target="_blank" rel="noopener noreferrer nofollow">0.03568 BTC</a>. While the broader trend remains negative, technical indicators suggest a potential reversal. This analysis looks closely at critical support levels and momentum indicators that may shape the future direction of ETH/BTC.</p>  
<h2 class="wp-block-heading" id="h-testing-key-support-zones">Testing Key Support Zones</h2>  
<p>The long-term ascending trendline was recently breached. This break signals a possible weakening of <a href="https://cryptonewsland.com/floki-surpasses-eth-pepe-and-bonk-on-okx-amid-bullish-momentum/" target="_blank" rel="noopener noreferrer nofollow">ETH’s momentum relative to Bitcoin</a>. Moreover, the ETH/BTC price is now testing a crucial horizontal support zone between 0.035 and 0.038 BTC. This zone coincides with the 0.5 Fibonacci retracement level, adding weight to its significance.</p>  
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXev2NMx1dqVOc5rKLF0NqBKQ4KGEue97nBfyKiSoqV2r7qutBgMGIefsxX8DWcdvEnE646W28dlndBSzfO1KAH7gs_VrVSfWoHTeRuRBXENLXI5209yuARa4vkJVP3bWfqaEgV0?key=O6HuM34RxB2vg0S0a3io78on" alt="">
</figure>  
<p>Source: <a href="https://x.com/htltimor/status/1860999320163500498" target="_blank" rel="noopener noreferrer nofollow">HTL-NL</a></p>  
<p>Should the price fail to hold above this support, the 0.618 Fibonacci level near 0.032 BTC comes into focus. A break below this could expose the pair to further declines, possibly toward the 1.0 Fibonacci extension near 0.025 BTC. Hence, this area is pivotal for the near-term outlook.</p>  
<h2 class="wp-block-heading" id="h-momentum-indicators-point-to-bearish-pressure">Momentum Indicators Point to Bearish Pressure</h2>  
<p>The Relative Strength Index currently trends downward, nearing the 30-mark. The RSI frequently indicates a possible local bottom as it approaches oversold circumstances. The stochastic oscillator shows that the bearish momentum is still in control because it is still showing a downward trajectory in the oversold zone.</p>  
<p>The stochastic oscillator may revert before it reaches an oversold condition, but this is not guaranteed. Declining volume and a lack of <a href="https://cryptonewsland.com/japans-metaplanet-announces-1-59-million-bitcoin-purchase-signaling-bullish-corporate-momentum-from-the-far-east/" target="_blank" rel="noopener noreferrer nofollow">strong purchasing momentum</a> indicate that sellers continue to control the market. This decrease is further highlighted by the volume bars at the chart's bottom, which show lower market involvement during the downtrend.</p> 
<p>The post <a href="https://cryptonewsland.com/eth-btc-downtrend-continues-but-key-support-levels-signal-hope-for-a-rebound/" rel="noopener noreferrer nofollow">ETH/BTC Downtrend Continues, But Key Support Levels Signal Hope for a Rebound</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

ETH/BTC Downtrend Continues, But Key Support Levels Signal Hope for a Rebound

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