Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC, ETH Rally as US Government Shutdown Fears Worry Stock Markets

Bitcoin, Ethereum Technical Analysis: BTC, ETH Rally, as US Government Shutdown Fears Worries Stock Markets

Bitcoin rebounded strongly on Wednesday, as U.S. indices continued to fall ahead of a potential government shutdown. The U.S. government could run out of money later this week, if a deal is not reached to increase funding. Ethereum also rebounded higher in today’s session.

Bitcoin

Bitcoin bounced from a recent support point in today’s session, as traders fled to cryptocurrencies ahead of a potential U.S. government shutdown.

Following a low of $26,090.71 on Tuesday, BTC/USD surged to a peak of $26,640.40 earlier in today’s session.

The move comes as bulls recently rejected a breakout below the $26,000 level, and now look set to test the $27,000 ceiling.

Bitcoin chart by TradingView

From the chart, it appears that the rebound in price came as a result of the relative strength index (RSI) rising above a ceiling of its own at 51.00.

As of writing, price strength is tracking at 52.26, with the next visible point of resistance at the 55.00 mark.

Moving averages had recently begun to consolidate, however this rally could see the short-term, 10-day (red) trend line begin to climb higher.

Ethereum

In addition to bitcoin, ethereum (ETH) also surged on Wednesday, with the cryptocurrency reentering the $1,600 region.

ETH/USD peaked at $1,626.65 earlier in the day, which comes less than 24 hours after falling to a low of $1,580.17.

Wednesday’s gain comes as ETH climbed higher for a third straight day, breaking out of a resistance level of $1,620 in the process.

Ethereum chart by TradingView

Traders will now likely be targeting a higher point of resistance at $1,670, however there are first some obstacles to overcome.

A ceiling of 51.00 on the RSI indicator will be the first hurdle, with price strength currently hovering just below this point.

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

Can ethereum rise to $1,700 before the end of the month? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/V3TSQO5
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