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Ethereum Looks Shaky Especially vs. Bitcoin (ETH/BTC)

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. 

Crypto Trade Board 3/23/2018

Litecoin (LTC/USD) Approaching Key Short-term Resistance