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Bitcoin, Ethereum Technical Analysis: Ethereum Nears $1,700 Breakout, as BTC Braces for Fed Rate Decision

Bitcoin, Ethereum Technical Analysis: Ethereum Nears $1,700 Breakout, as BTC Braces for Fed Rate Decision

Bitcoin started the week trading marginally below the $26,000 level, ahead of a key week of economic events. The headline being the upcoming U.S. Federal Reserve meeting. Ethereum remains below $1,800 ahead of this week’s rate decision.

Bitcoin

Bitcoin (BTC) continued to trade around the $26,000 level on Monday, as markets remain volatile following recent fundamental occurrences.

BTC/USD rose to a peak of $26,203 earlier in today’s session, following Sunday’s low at $25,675.

Monday’s peak sees bitcoin bulls attempt to break a resistance level of $26,300, however market sentiment remains largely bearish.

Bitcoin chart by TradingView

The relative strength index (RSI) is also tracking close to a level of resistance, with a current reading at 42.16.

This is marginally below an upcoming ceiling at 46.00, and slightly above a support point near the 41.00 region.

Additionally, the 10-day (red) moving average has maintained its downward course, further expanding bearish sentiment.

Ethereum

Ethereum (ETH) remained below $1,800 to start the week, tracking close to a multi-month low in the process.

Following a high at $1,776.85 on Sunday, ETH/USD dropped to a bottom at $1,722.91 on Monday.

This pushed ethereum closer to the weekend’s low at $1,716, which was its weakest point since March 28.

Ethereum chart by TradingView

As a result of this latest decline, ethereum’s 10-day (red) moving average has finally crossed over its 25-day (blue) counterpart.

In addition to this, the RSI is currently tracking at 38.00, which remains around the oversold region.

To move beyond this point, price strength will need to climb past the 40.00 zone, however a floor at 31.00 could still be on radar for sellers.

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Do you expect ethereum to fall below $1,700 this week? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/20TsWLo
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