Analysis for ETH/BTC Pair:
Support Zone:
The price is currently hovering near a significant historical support zone between 0.030 and 0.032.
This zone has previously acted as a major accumulation area, leading to upward moves in the past.
Potential Scenarios:
Bullish Case:
If the support zone holds and buying momentum increases, the price could begin to rebound.
The first target for an upward move is around the 0.048 level, aligning with a previous resistance zone and a key Fibonacci retracement area.
Beyond that, 0.075 could serve as the next major resistance if the bullish momentum persists.
Bearish Case:
If the support zone fails, a downward continuation could push the price toward 0.019.
This level aligns with historical lows and could act as the next significant support.
Market Structure:
The pair appears to be in a long-term downtrend, but the current consolidation within the support zone suggests a potential reversal or continuation decision point.
Key Levels to Watch:
Support: 0.030–0.032
Resistance: 0.048 (short-term), 0.075 (long-term)
Breakdown Target: 0.019
Trend Indicators:
Monitor the price action closely around the support zone. A strong bounce with volume could confirm a bullish reversal.
A breakdown below 0.030 with high selling pressure would indicate further downside.
Conclusion:
For Bulls: Focus on maintaining the support zone and breaking above 0.035 for confirmation of a reversal.
For Bears: Watch for a loss of the 0.030 support to target deeper lows.
Keep an eye on BTC dominance and overall market sentiment for further validation of these moves.
The price is currently hovering near a significant historical support zone between 0.030 and 0.032.
This zone has previously acted as a major accumulation area, leading to upward moves in the past.
Potential Scenarios:
Bullish Case:
If the support zone holds and buying momentum increases, the price could begin to rebound.
The first target for an upward move is around the 0.048 level, aligning with a previous resistance zone and a key Fibonacci retracement area.
Beyond that, 0.075 could serve as the next major resistance if the bullish momentum persists.
Bearish Case:
If the support zone fails, a downward continuation could push the price toward 0.019.
This level aligns with historical lows and could act as the next significant support.
Market Structure:
The pair appears to be in a long-term downtrend, but the current consolidation within the support zone suggests a potential reversal or continuation decision point.
Key Levels to Watch:
Support: 0.030–0.032
Resistance: 0.048 (short-term), 0.075 (long-term)
Breakdown Target: 0.019
Trend Indicators:
Monitor the price action closely around the support zone. A strong bounce with volume could confirm a bullish reversal.
A breakdown below 0.030 with high selling pressure would indicate further downside.
Conclusion:
For Bulls: Focus on maintaining the support zone and breaking above 0.035 for confirmation of a reversal.
For Bears: Watch for a loss of the 0.030 support to target deeper lows.
Keep an eye on BTC dominance and overall market sentiment for further validation of these moves.
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