Ethereum Losing to Bitcoin

Ethereum continues to lose to Bitcoin while trading within the downtrend channel. All attemptsĀ to produce higher high failed but yet it made a new lower low after breaking below BTC 0.046 today.

The nearest strong support, corresponding with a round psychological price is BTC 0.04 and that is where ETH/BTC might be heading towards.

At this point, buying is too early as sellers are dominating this crypto pair. If/when ETH/BTC will hit the support at 168.2% Fibonacci retracement, this level should be watched closely as it should give some clues about the further direction of Ethereum as well as Bitcoin.

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