Skip to main content

Bitcoin, Ethereum Technical Analysis: ETH Selloff Intensifies Heading Into the Weekend

ETH was trading lower for a third straight session on Friday, as prices neared an 11-month low. This comes whilst the overall cryptocurrency market cap was down almost 1% as of writing. Bitcoin was slightly higher despite today’s increased volatility.

Bitcoin

Bitcoin marginally rose during today’s session, with prices consolidating in the aftermath of Thursday’s decline.

Yesterday saw BTC/USD drop to an intraday bottom of $28,261.91, which was a two-week low, however prices have somewhat rebounded today.

So far on Friday, bitcoin has moved above its floor of $28,800, hitting a peak of $29,696.16 in the process.

This gain sees prices up by almost 1%, however price uncertainty still remains, due to its current proximity to the support level.

Relative strength has also marginally risen, and now sits at 38.45, which is a stone’s throw away from a ceiling of its own at 39.80.

Should BTC make a run for $30,000 this weekend, bulls will need to band together and push past this resistance level on the RSI indicator.

Ethereum

ETH fell to a multi-week low for the second session on the bounce, as bearish pressure intensified on Friday.

Following a high above $1,960 during Thursday’s session, ETH/USD dropped to a low of $1,727.49 earlier today.

This move took ethereum to a fresh two-week low, with prices dropping to their lowest point since May 12, with a new support point being formed.

Looking at the chart, this level seems to be the $1,750 level, which is marginally above an 11-month low at $1,705.

Prices are currently deeply oversold, with the 14-day RSI hovering at 32.11. Should we see this move closer to 30, then it is likely that further drops will come.

Is it inevitable that ETH will hit an 11-month low this weekend? Leave your thoughts in the comments below.



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

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

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more