The ETH/BTC trading pair fell by 7.5% to 0.0663 in the past 24 hours. The downside move came as a part of a correction that began May 11 when the pairETH/BTC daily price chart. Source: TradingViewalongside stock markets. Notably, money managers, traders and investors show signs of “de-risking” their portfolios amid growing concerns over an increasingly hawkish United States Federal Reserve.
, now trading 65% lower than its record high of around $4,870 in November 2021. Similarly, Bitcoin is down 63% from its all-time high of $69,000 in the same period. As a result of Ether’s slightly limited decline compared to Bitcoin’s, ETH/BTC has shown resilience despite the market downturn in 2022. Nonetheless, the pair now shows signs of catching up to the bearish trend, suggesting more pain ahead., suggesting the pair’s technical downside target could be much lower than May 12’s local lows.that typically send the price lower by as much as their maximum height when measured from the breakdown point.
Hence, the ETH/BTC rising wedge’s breakdown target comes to be near 0.064 after adding the structure’s maximum height, usually around -0.009 BTC, to the breakdown point of 0.073 BTC.Conversely, ETH/BTC has been testing an upward sloping trendline, marked as “LTF support” in the chart above, as support since June 2021. The pair’s attempt to break below the price floor of May 12 fell short as traders gathered to buy the dip. That prompted Ether to rebound by 3.5% from its intraday low of 0.
Of course, the thing could get even worse.
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