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Price Analysis

Ethereum vs Bitcoin: BTC Takes Downward Price Shift Over A Week; ETH Responds

  • Bitcoin awaits a strong price recovery since the last 3 days, Ethereum follows the suit
  • BTC price has stepped down remarkably over the last 5 days, shifted from $11,886 to $11,272
  • BTC has traced a bearish trendline while it appears on the way of mild price recovery
  • ETH also is in hassle to rebound but is facing hurdles to trade above $210

Today, Bitcoin price has furthered its downward price momentum as the coin has recently entered into the price range around $11,200. Till 14:54 UTC, BTC was oscillating between $11,400 to $11,300. Meanwhile, Ethereum is still yet to make any price move above $210.

On 8th August, BTC had its opening price above $11,900 and was firmly above $11,800 till 13:25 UTC on the same day. The coin saw a plunge to $11,494 and then escalated above $12,000 again instigating a hope that the leading coin will persistently trade beyond. Though the coin pulled back around $11,700 and after surging above $11,886, it sharply dropped even below $11,300 with a decline of 4.99%.

After the major fall, Bitcoin has not been able to surge even above $11,600, though it had a mild upswing near $11,506 after which it has traced a bearish trendline. At 09:22:04 UTC, the coin is trading at $12272.52 and over the last 5 days, BTC has decreased by 5.70%.

Ethereum – Bitcoin Price Chart:

Bitcoin/Ethereum Price Chart

Ethereum, while carrying a selling pressure, was trading with its price at $224.70 and it reached to $217.37 with a drop. The coin corrected a bit to $220.70 and then again took a fall to $201.52. Notably, both the coin have traced an impulse pattern.

After a recent fall to $201.52, ETH has slowly corrected up. At 09:22:04 UTC, ETH was trading at $208.30.

Conclusion:

Bitcoin may face resistance at $11,500.22 and support at $11,203.35. While Ethereum can see resistance at $214.64 and support at $209.45.

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Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.

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