ETH Breaks Above $230 But Creates Fresh 29-Month Lows Against Bitcoin

Ethereum is showing strength against the US dollar, increasing by 6 percent in the past 24 hours and currently trading at $235. However, looking at its performance against Bitcoin, we can see that ETH is clearly struggling.

Since the beginning of July, the cryptocurrency lost about 30% of its value against BTC. In the first few days of August, it lost around 9 percent. At the time of this writing, it’s trading at 0.0197 BTC and has created fresh 29-month lows.

Ethereum remains the second-largest cryptocurrency by market value with a market cap of $24.98 billion.

Looking at the ETH/USD 1-day chart:

  • Since our previous ETH/USD analysis, Ethereum’s price managed to break above the $220 and $230 resistance areas, and has met higher resistance at the 100-day EMA around $235 as expected. 
  • From above: If the bulls can break above the 100-day EMA resistance and $240, further resistance is expected at $250, $254, $271, and $279. If the buyers continue to push higher, the next levels of resistance are located at $298.43, $315, and $334.
  • From below: If the resistance at the 100-day EMA proves to be too strong, we can expect to see support at $230, $220, and the rising support trend line (the dashed line below). If the sellers push the market beneath the support trend line, the subsequent levels of support are $200, $193, and $178.
  • The trading volume has increased today after the massive BTC price surge.
  • The RSI is now strongly in favor of the bulls, which is a good sign. If it remains above 50, we can expect ETH/USD to break above $230 and head toward $250.

Looking at the ETH/BTC 1-day chart:

  • Trading against Bitcoin, Ethereum has clearly struggled, particularly in the past 2 months. Ethereum recently broke beneath the strong support at 0.021 BTC and continued to fall through the subsequent support levels at 0.02049 BTC and 0.02 BTC to reach its current price of around 0.019725 BTC. The case for the bulls looks very dire at this moment in time.
  • From above: The nearest level of…

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