As we can see the near term support mentioned in the previous post did not hold and the Ethereum market slipped into a bearish trend versus Bitcoin.
After prices were rejected by the 20 MA the psychological support around 0.09 failed soon after.
We are currently testing the support zone around 0.088 and should it fail it will confirm the bearish pressure versus Bitcoin.
This drop could be severe and I would put support around 0.07 – 0.077 should the above mentioned level fail.
This is quite normal behavior for for ETH/BTC, considering the Bitcoin market is attracting a lot of attention and marketcap.
When we take a look at the market versus the Dollar we can see the market following Bitcoin, this is also quite normal with markets that are actively traded against Bitcoin.
Short term support is between $900 – $950 and I would expect the prices to move up alongside Bitcoin should the RSI stay above 50 on the 1 Day candles.
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