Ethereum (ETH) Price Trading Analysis June 14; Market Outlook Is Slightly Bearis

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ETH/USD had been showing signs of decoupling from BTC/USD since late April. But the real test was to come when the latter started making significant moves. The last couple of weeks have decisively put paid to any such notions. Bullish developments in Bitcoin this past week seemed to affect all altcoins adversely, as ETH/USD closed the week at $2,510 in a dark cloud cover pattern, down 7.5% from the previous week. ETH/BTC broke down from a rising wedge pattern on Wednesday (charted below) and has since continued to slide down, acquiring the breakout target of 0.062 BTC during Asian trading hours on Monday. ETH2 ETH/BTC has dropped below 50ma on the daily for the first time since breaking out from a falling wedge at the beginning of April. This is now likely to flip to resistance. An RSI double bottom recovery is something to keep an eye on over the next couple of days. A daily close above the previous swing high would confirm the reversal pattern. Looking at the ETH/USD chart below, while the primary trend line dating back to January still holds, the pair is currently on shakier ground than it’s ever been in the past few months unless an immediate recovery materializes.Source