Skip to main content

Bitcoin, Ethereum Technical Analysis: Bitcoin Momentarily Rebounds, Following Russian Invasion of Ukraine

Following Russia’s invasion of Ukraine, volatility in bitcoin and ethereum prices intensified, with both falling to one-month lows on Thursday. Both have since moved away from these lows so far today, in what looks like temporal consolidation.

Bitcoin

As of writing, cryptocurrency markets are up by over 7% on Friday, with bitcoin trading 8% higher heading into the weekend.

This comes following a low of $34,997.01 yesterday, with BTC/USD hitting an intraday high of $38,968.84 earlier in today’s session.

Friday’s move sees BTC momentarily rebound, and edge closer to the key $40,000 level, which it hasn’t hit since the beginning of the week.

Looking at the chart, the 14-day RSI has also tailed off slightly, and now looks to be consolidating below the 43.8 resistance.

As long as prices remain between the floor of $37,240 and ceiling of $39,640, market uncertainty will likely extend.

However, current sentiment seems to be more bearish, as the 10-day moving average continues to trend downwards.

Ethereum

The price of ETH was also marginally higher, as bulls seem reluctant to let the world’s second largest cryptocurrency fall below its long-term support.

As of writing, ETH/USD is trading 9.20% higher, after rising to a peak of $2,689.05, following Thursday’s intraday low of $2,341.72.

Price strength also climbed, with the 14-day RSI breaking beyond its recent resistance point at 39.60, and currently is tracking at 40.80.

Following the move, ETH now sits slightly above a higher support of $2,550, a level which has birthed several bull runs in the past.

Despite this, traders are likely to remain cautious, as many fear that Russia’s invasion of Ukraine will only worsen, leading to investors taking a risk-off approach.

Do you expect ETH to decline further heading into the weekend? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/nqvz0A7
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought
Post a Comment
Read more