Ethereum vs. Bitcoin: ETH price risks 20% drop if key support level breaks

Ethereum vs. Bitcoin: ETH price risks 20% drop if key support level breaks


Ether’s (ETH) rally versus Bitcoin (BTC) is not only showing signs of exhaustion, but is also in danger of breaking below a key technical support level. 

ETH slides vs. BTC in second half of January

The ETH/BTC pair declined nearly 9.25% on Jan. 24 from its local top of 0.0779 BTC established on Jan. 11. Since the start of the year, Bitcoin is slightly outpacing Ether in USD terms, rising 38% versus 35%, respectively.

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ETH/BTC daily candle price chart. Source: TradingView

Interestingly, Ether’s pullback versus Bitcoin has landed its price at the bottom of its EMA ribbon range, as shown below.

ETH/BTC weekly candle price chart. Source: TradingView

The EMA ribbon indicator shows numerous exponential moving averages of increasing timeframe on the same price chart. Dropping below the ribbon range increases

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