Skip to main content

Bitcoin, Ethereum Technical Analysis: ETH Remains Above $3,400 Despite Bullish Momentum Slowing

Ethereum was trading above the $3,400 level for a third consecutive session, however bullish momentum has somewhat eased, as market uncertainty has gradually risen. With prices trading near resistance levels, bulls have pulled back, giving way to bears looking at re-entering the market.

Bitcoin

Bulls in BTC have also pulled back, as prices continue to hover close to recent resistance levels, with some fearing price reversals.

Following a high above $48,100 earlier in the week, BTC/USD traded at an intraday low of $46,620.72 during today’s session.

Bitcoin has climbed by as much as 10% in the last week, however this momentum has eased, leading to consolidation.

Some believe we could see this reversal in price strength take us back towards the $45,000 level, but this could be a short-term retreat as bulls continue to target $50,000.

Looking at the chart, the 14-day RSI has also begun to tail off, and is now close to its floor of 61, however should it not break below this level, bulls may continue to hold onto some hopes of a return to upside action.

The current move looks similar to what took place in early January, when prices were last trading at the current resistance below $48,000.

.

Ethereum

ETH traded above $3,400 for the third day running, as there appeared to be more bulls still holding on to positions than in BTC.

As of writing, ETH/USD is trading 0.04% lower, as prices hit an intraday low of $3,359.95, which is marginally higher than yesterday’s low.

Typically, when there is a streak of higher lows during a falling market, it signals consolidation, prior to an extension of a bullish streak.

This is likely what remaining ETH bulls are hoping for, despite price strength still hovering in overbought territory.

As of writing, the 14-day RSI is sitting at 70.9, which is still close to multi-month highs, however moving averages are yet showing signs of further bullish pressure, both in the short and long term.

Will we see consolidation in crypto end before we start the weekend? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/I0STGkZ
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

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

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