Ethereum's price action does not look healthy this past week. Will it catch up to bitcoin's recent recovery? Or does is this a sign of downside risk for Ethereum against both the USD and BTC?
ETH/USD Daily Chart
- The daily chart shows a market that found support around $455, but ETH/USD has not made much of a recovery compared to bitcoin.
- We know BTC/USD rallied from a recent low of around $7350 to just above $9000 during the 3/21 session.
- Also note that ETH/USD is now below the 200-day simple moving average.
- The RSI is below 30, which usually means oversold condition. But note that a bearish market can be "oversold" for some time.
- I think ETH/USD has some more downside, but $400-$420 might offer support.
ETH/BTC Daily Chart
- The daily chart shows that ETH/BTC is also under the 200-day simple moving average (as well as the other SMAs).
- It broke below a key support along with the 200-day SMA.
- In this chart, we can anticipate at least a dip to 0.06 with the prospect of falling to 0.055 pivot.