Skip to main content

Bitcoin, Ethereum Technical Analysis: ETH Falls Below $3,000 to Start the Weekend

Ethereum dropped below $3,000 to start the weekend, as cryptocurrency prices fell for a second consecutive day. Bitcoin was also lower, giving up some of this week’s gains in the process.

Bitcoin

Following a surge to a high above $45,000 to start the week, bitcoin prices fell for a third straight session, as bullish pressure seems to have calmed.

BTC/USD fell to an intraday low of $41,892.20 on Saturday, following a peak of $43,810.83 during yesterday’s session.

After attempting to breach the $44,750 resistance on Thursday, bitcoin’s price strength has weakened, moving closer to oversold territory.

The 14-day Relative Strength Index (RSI) is currently tracking at 54, following a high of 65 only 2-days ago.

This level of 54 appears to be a short-term floor, leading many to wait and see if it holds, which could then entice bulls to maintain open positions.

Despite the current bearish sentiment surrounding markets, price momentum, especially short-term, still trends higher, with BTC/USD still marginally up in the last seven days.

Bears will certainly continue to test this trend.

Ethereum

The decline of ethereum continued on Saturday, as the world’s second-largest cryptocurrency fell below its key support level.

ETH/USD fell to an intraday low of $2,888.66 today, which is the lowest price ETH has seen since February 4.

This eight-day low comes as price strength fell into oversold territory, breaking below the neutral zone of 50 on the 14-day Relative Strength Index.

Recent momentum has meant that ETH is trading over 3% lower in the last seven days, wiping out sizable gains made during the week.

Could ETH be moving towards support of $2,600? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/2xwIXOW
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more