The price of the Ether Ether (ETH) currency seems to be facing difficulties as Bitcoin (BTC) sees a surge in value. Based on observations of key altcoin indications, the ETH / BTC pair has declined by 30% over the past two months.
The weekly chart shows ETH failing to cross the resistance zone at the $ 450 level. However, the asset is still seen in a bullish trend.
Bullish above $ 270 was successfully overcome a few months before Ether price jumped to $ 450. This situation sets the range between $ 270 to $ 450. It is possible that the price will retest the $ 270 zone and there will be a jump over $ 450 to the $ 800 level.
For now, ETH values hover around the $ 368- $ 378 support zone. If prices fall below the zone, a drastic decline is expected.
A lower drop in prices is likely to target $ 315 or $ 270 and $ 250. If the $ 368- $ 378 support level is broken, the Moving Average 100 (MA100) support level will also lose support value with the potential for further price depreciation.
ETH price movements were also seen failing to pass the $ 400 resistance zone which led to a sharp decline which was also driven by the weakness of the Bitcoin market and ETH inflows from one entity to the exchange.
The daily price movement of this crypto currency pair saw a break of 0.028 as support. However, there is no sign of a change in the price direction due to the fact that the Ether value is still correcting.
The bullish trend signal will be strengthened again after the resistance zone 0.0315 is broken and will act as a new support. In addition, the ETH price jump may also be identified as the asset slows to 0.026 which is the main support zone before a larger price surge is expected.
