- The upside momentum faded away when ETH/BTC approached $0.0254.
- The downside correction may take the price to $0.0240.
ETH/BTC topped at $0.0254 during early Asian hours before retreating to $0.0252 by press time. Ethereum has been consistently outperforming Bitcoin since June 2; however, the trend seems to have come to a halt.
ETH/BTC: Technical picture
The cross has been trying to break above 61.8% Fibo retracement for the downside move from June 2019 high to December 2019 low, to no avail so far. The price returned back inside the range on each attempt to clear this barrier. The next resistance is created by $0.0260 that stopped the recovery back in April. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.0300.
On the downside, the local support comes at $0.0240. This area is reinforced by the lower line of the 4-hour Bollinger Band and 50% Fibo retracement for the above-mentioned move. If it is broken, the sell-off may be extended towards $0.0230, supported by 4-hour SMA100.