Skip to main content

Bitcoin, Ethereum Technical Analysis: ETH Moves Past $1,900 as Traders End Losing Streak

ETH Heads Past $1,900, as Traders End Losing Streak

After six consecutive days trading in the red, ethereum bounced back on Thursday, once again climbing above the $1,900 mark. The move came as bitcoin also edged higher, after falling to a four-week low during Tuesday’s session.

Bitcoin

Bitcoin (BTC) was marginally higher on Thursdays, as the cryptocurrency once again attempted to rebound from recent losses.

Following a low of $29,794.27 on Wednesday, BTC/USD rose to an intraday peak of $30,406.45 earlier in the day.

The move came as bitcoiners continued to move away from Tuesday’s fall below $30,000, which resulted in BTC hitting a four-week low.

Price stabilized as the relative strength index (RSI) found a firm floor at the 49.00 mark. It has now surged to a current reading of 53.60.

Traders are likely now targeting an upcoming ceiling at $30,800, which has historically been the last line of defense before entering the $31,000 zone.

Despite this target, momentum still appears to be bearish, as a result of the recent downwards crossover of the 10-day (red) and 25-day (blue) moving averages.

Ethereum

In addition to bitcoin, ethereum (ETH) rose back above $1,900 in today’s session, ending its own losing streak.

ETH/USD hit a high of $1,927.57 earlier in today’s session, which comes a day after edging to a low of $1,883.07.

Momentum has been largely bearish in the world’s second largest cryptocurrency in recent days, following last week’s rally.

Today’s move is the first day since last Thursday that ethereum has traded in the green, with traders still optimistic about future surges above $2,000.

A ceiling at $1,960 will likely be the main test for ethereum’s bull strength, and should it pass this level, it is highly likely the price will reach $2,000.

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

What fundamentals are behind today’s price rebound? Leave your thoughts in the comments below.



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