Ethereum Might Have Already Reached the Local High Against Bitcoin Expecting a Possible Correction

Ethereum (ETH) is about to finish the growing wave against Bitcoin (BTC).

According to expert, Tyler Durden (@TylerDurden), Ethereum (ETH) is about to finish the growing wave against Bitcoin (BTC).

Image source: Twitter @TylerDurden

If the support at 0.025 BTC does not hold the leading altcoin from the fall, then it might retest the level observed at the end of May. The analysis is done on the 4H time frame.

Image source: TradingView ETH

On the daily chart, the situation is also not perfect for bulls. The trading volume keeps going down suggesting a further price drop. What is more, there is a bearish divergence on the Relative Strength Index indicator. If the decline continues, the nearest mark where sellers can get to is 0.0241 BTC. If the trading volume remains at the relatively same position, bears may achieve the support by the end of July-beginning of August 2020.

Ethereum is trading at 0.0255 BTC at press time.

#BTC #ETH #Bitcoin #Ethereum #Bitcoin Price #Crypto Trading

Peter Smith E-mail

Pete is an expert in content creation with a passion for the global economy and equities market.