Ethereum continues to be in a strong bearish trend versus Bitcoin, I have illustrated the bearish channel on the chart below.
After failing to consolidate above 0.28 btc, the sellers have been unloading their bags and this morning saw the prices hit 0.026 btc, this is the near term support zone for the market and should it fail we could see the bottom of the channel before more buyers get into the market.
It is important to note that Ethereum did not attract many investors and traders with the recent drop in Bitcoin, confirming the hedge went mostly to Fiat and perhaps some to Ripple. With this mentioned the Ethereum market looks weak against Bitcoin right now, and I will wait for consolidation above 0.028 btc before considering going long on the market.
Support is currently at 0.026 btc for me on the short term and resistance is solid below 0.028 btc. Let’s be patient and wait for the markets to show us the next move.