Skip to main content

Bitcoin, Ethereum Technical Analysis: ETH Remains Above $2,000, While BTC Recaptures $30K Level

BTC moved away from Monday’s lows to surge above $30,000 on Tuesday, as crypto bulls pushed prices higher. ETH continues to trade above $2,000, with prices rising by as much as 4% during today’s trading session.

Bitcoin

Following a stint below $30,000 to start the week, BTC was trading above this level as bulls made a comeback on Tuesday,

Following a low of $29,251.89 during Monday’s session, BTC/USD rose to a peak of $30,678.68 earlier today.

Since falling below $30,000 last week, markets have been volatile, as prices have looked to establish new support and resistance levels.

So far, the floor has been the $28,800 level, with a resistance point of $31,500. These were both reestablished last week.

Looking at the chart, the 10-day and 25-day moving averages are still showing bearish sentiment, with both still pointing to downwards momentum.

With volatility at a high, traders are still treading carefully in their decision making, which will likely lead to more price uncertainty in upcoming sessions.

Ethereum

Like bitcoin, ETH was also higher on Tuesday, as overall market sentiment moved higher following a red wave to start the week.

Yesterday’s slow start saw ETH/USD hit a bottom of $1,988.81, but it spiked to a peak of $2,094.54, which is nearly 3% up from Monday’s low.

Although ETH has mirrored BTC in terms of direction, drops in ethereum have been less, as prices appear to have found a firm floor.

This support point seems to be at the $1,950 level, with $2,150 acting as a level of resistance with this period of consolidation.

Looking at the chart, it can be seen that the Relative Strength Index (RSI) of 14-days continues to track below a ceiling of 35, which will likely need to be broken if consolidation is to end.

Will we see an influx of bullish sentiment following today’s gains? Leave your thoughts in the comments below.



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