After a long period of time,
ETHBTC
finally tested highs of May 10 2021, back in December 2021, and met with a seller pressure, which led the price to the closest demand area and now it's still in a sideways trend, which makes it unclear for Ethereum, whether if it's bullish or not. In order to talk about a bull trend. The price should close above the red box and buyers need to defend this area. Otherwise, if the area marked as "low taken" gets lost, the closest demand zone is the blue box(area).
Below the blue box, there is a huge liq. void(multiple imbalances), so losing this level will be resulted in the strong bearish environment for Ethereum against Btc.
ETHBTC
finally tested highs of May 10 2021, back in December 2021, and met with a seller pressure, which led the price to the closest demand area and now it's still in a sideways trend, which makes it unclear for Ethereum, whether if it's bullish or not. In order to talk about a bull trend. The price should close above the red box and buyers need to defend this area. Otherwise, if the area marked as "low taken" gets lost, the closest demand zone is the blue box(area). Below the blue box, there is a huge liq. void(multiple imbalances), so losing this level will be resulted in the strong bearish environment for Ethereum against Btc.