- ETH/BTC is trading around 1% lower after a soft trading day all round.
- The price rejected the 38.2% Fibonacci zone after moving higher since the last week of March.
ETH/BTC 4-hour chart
Ethereum has been on a better run in comparison to Bitcoin over the last few weeks and it’s quite clear from the latter part of this chart. Now it seems that run is over after the price hit the 38.2% retracement level. Amazingly the volume has really dropped off since the low seen on 13th March.
Looking closer at the technicals now the RSI is moving away from overbought levels. On the bullish side, the price is holding above the 200 and 55 moving averages. It seems like this could just be a small blip in a change in trend. The move has had enough velocity to institute at may continue but only time will tell. As we head toward the Bitcoin halving maybe even BTC will rise from the ashes to make this pair fall.
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