- ETH/BTC is trading 1.75% lower and pulls away after key trendline break.
- The pair is still looking bullish after rejecting the 23.6% Fib zone.
ETH/BTC daily chart
Ethereum has lost some momentum against Bitcoin in recent trade. The pair has been pushing higher and broke the black diagonal line to the upside. The market then stalled at the 0.026 zone. This is now the wave high to beat so the price can continue in its bullish vein.
On the technical front, the price is still holding above the 55 and 200 moving averages. The RSI is also tilting down after being in the overbought zone if it is to turn higher then it could set up for a bearish divergence. On the downside, if the 0.024 level breaks then it could indicate a bearish trend might begin as it will make a lower high lower low wave pattern.
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