Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC Falls Below $26,000, as ETH Hits 2-Week Low

Bitcoin dropped below the $26,000 level on Thursday, as bearish pressure intensified in cryptocurrency markets. Prices briefly fell below the $26,000 mark earlier in the day, before rebounding. Ethereum continues to trade below $1,800.

Bitcoin

Bitcoin (BTC) slipped below the $26,000 level during today’s trading session, as bears continued to apply pressure to crypto markets.

BTC/USD dropped to an intraday low of $25,890.59 earlier in today’s session, which comes after peaking at $26,703.88 on Wednesday.

As a result of today’s decline, bitcoin fell to its weakest point since May 12, when it was at a bottom of $25,810.

Looking at the chart, the decline came following a breakout at a recent support point of $26,300.

BTC has since rebounded, and as of writing is once again hovering above this point of support.

This came as the 14-day relative strength index (RSI) found a floor of its own at the 39.00 mark.

Ethereum

Ethereum (ETH) also moved lower for a second consecutive session, dropping below the $1,800 level in the process.

Following a high of $1,817.97 on Wednesday, ETH/USD edged to a low of $1,763.37 today.

The move saw ethereum fall below its own support point at $1,790, hitting a two-week low in the process.

From the chart, earlier declines have somewhat eased, as a floor of 43.00 on the RSI has helped stem the bleeding.

Despite the decline, the 10-day (red), and 25-day (blue) moving averages are now close to a cross, which could lead to a reversal in price.

Register your email here to get weekly price analysis updates sent to your inbox:

Do you expect ethereum to end May trading below $1,800? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/IAbg5eS
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