Skip to main content

Bitcoin, Ethereum Technical Analysis: ETH Pushes Towards $1,900 to Start the Weekend 

Bitcoin, Ethereum Technical Analysis: ETH Pushes Towards $1,900 to Start the Weekend 

Ethereum moved closer to the $1,900 level on Saturday, as cryptocurrency markets made marginal gains. At the time of analysis, the global market capitalization has risen modestly by 0.32%, mirroring the effects of Friday’s U.S. consumer sentiment report, which fell short of expectations. Contrary to the projected sentiment of 72.6, the actual figure hovered at 71.6. Concurrently, bitcoin witnessed an uptick in its price.

Bitcoin

Bitcoin (BTC) moved above a key support point of $29,200 on Saturday, as cryptocurrency markets continued to consolidate.

Following a low of $29,186.47 on Friday, BTC/USD jumped to an intraday peak at $29,521.51 earlier in today’s session.

BTC has mostly consolidated this past week, as traders attempted to find a firm floor, after recent selloffs.

Today’s consolidation comes as the relative strength index (RSI) appeared to have found its own floor at the 43.00 mark.

At the time of writing this, the index is now tracking at 43.95, and appears to be heading for a ceiling at 48.00.

In the event price strength reaches this point, there is a good chance BTC could be trading above $29,800.

Ethereum

After a volatile few days, ethereum (ETH) made strides towards the $1,900 level to start the weekend.

ETH/USD peaked at $1,881.46 earlier in the day, which comes following Saturday’s bottom at the $1,865.45 mark.

Ethereum has failed to climb above the $1,900 point since last Sunday, and has mostly been in a downtrend since a move over $2,000 earlier in the month.

The RSI is on the cusp of breaking out of a resistance level at 49.00, which could help tempt previous bulls to reenter the market.

Should this occur, the 10-day (red) moving average might also change its current course, and potentially move back over its 25-day (blue) counterpart.

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

Do you expect ethereum to rally over $2,000 in August? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/dQqtcv6
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