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Bitcoin, Ethereum Technical Analysis: BTC Consolidates, Ahead of Key Week of US Economic Announcements

Bitcoin, Ethereum Technical Analysis: BTC Consolidates, Ahead of Key Week of US Economic Announcements

Bitcoin hovered below $26,000 on Monday, as traders awaited a big week of economic announcements in the United States. The consumer confidence report will be released on Tuesday, with gross domestic product and nonfarm payrolls coming in the upcoming days. Ethereum was largely unchanged today.

Bitcoin

Bitcoin started the week hovering around the $26,000 region, as markets prepared for a big week of economic data.

Following a high of $26,406.15 on Sunday, BTC/USD dropped to an intraday low of $25,914.93 earlier in today’s session.

The world’s largest cryptocurrency has mostly consolidated around this level for the past ten days, since surging above $30,000 earlier in the month.

Bitcoin chart by TradingView

Since then a huge red wave has swept through the market, with BTC falling to a two-month low just over a week ago.

Prices have continued to trend sideways as the 14-day relative strength index (RSI) has failed to break out of a resistance level of 30.00.

As of writing, the index is tracking at 27.34.

Ethereum

Ethereum (ETH) also consolidated on Monday, with prices largely unchanged from Sunday’s low.

ETH/USD climbed to a high of $1,665.14 earlier in the day, which followed on from Sunday’s bottom of $1,641.63.

The move saw ethereum once again climb above a support point of $1,650, following a recent drop below this zone.

Ethereum chart by TradingView

Similar to bitcoin, the RSI has been unable to move past a ceiling of 33.00, which seems to be the main barrier to a bullish resurgence.

In the event this level is breached in the coming days, ethereum will most likely move above $1,700.

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Will ethereum rally this week? Leave your thoughts in the comments below.



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