Fun

Bitcoin, Ethereum Technical Analysis: ETH Heads Towards $1,200 Breakout on Saturday

News Feed - 2022-11-19 09:11:32

Bitcoin, Ethereum Technical Analysis: ETH Heads Towards $1,200 Breakout on Saturday


Ethereum was once again nearing a breakout of its $1,200 level, as bearish sentiment returned to start the weekend. Following price rebounds on Friday, cryptocurrency markets were back in the red, and are trading 0.68% lower as of writing. Bitcoin also slipped in today’s session. Bitcoin


Bitcoin (BTC) was once again trading lower to start the weekend, as the token moved back towards a recent price floor.


BTC/USD fell to an intraday low of $16,564.61 in today’s session, which comes less than a day after hitting a high of $16,795.20.


The move sees BTC move closer to this week’s support point of $16,000, which has been in place since the FTX collapse. BTC/USD – Daily Chart


Looking at the chart, today’s drop in price comes as a hurdle was hit on the 14-day relative strength index (RSI).


This wall of 38.00 on the indicator has seemingly prevented bulls from recapturing the $17,000 mark, and in turn opened the door to a bearish reentry.


Should Saturday’s bearish momentum continue to intensify throughout the course of the weekend, BTC will likely edge closer to $16,000. Ethereum


In addition to BTC, ethereum (ETH) also stumbled lower on Saturday, with prices nearing a breakout of the $1,200 level.


Following a high of $1,222.20 on Friday, the world’s second largest cryptocurrency dropped to a low of $1,200.48 earlier today.


The move came as ETH/USD fell below a recent ceiling of resistance at $1,220, with bulls now fighting to reject any further declines. ETH/USD – Daily Chart


As of writing, ETH is trading at $1,209.44, as traders have so far rejected a drop below $1,200.


This is due to two things, first the 10-day (red) moving average has begun to trend upwards, which has brought back a level of bullish sentiment to the token.


In addition to this, the 14-day relative strength index (RSI) continues to track above a key floor of 37.75, which appears to be a major reason why we haven’t seen any further significant sell-offs.


Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum


Could we see ethereum fall below $1,200 this weekend? Leave your thoughts in the comments below. Eliman Dambell


Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Thanks to the FTX Collapse, Bitcoin"s Price in November 2022 Looks to Join the 4 Previous Negative Novembers of the Past 11 Years MARKET UPDATES | 7 hours ago Biggest Movers: ALGO Nearly 10% Higher, TRX Extends Recent Gains MARKET UPDATES | 8 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleData Lake’s Consent-to-Earn: A Revolutionary Model for Data Monetization? Next articleCrypto Exchange FTX Fires 3 Top Executives, Report Reveals Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItSEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale


Grayscale Investments" CEO explains that the U.S. Securities and Exchange Commission (SEC) could potentially violate the Administrative Procedure Act by not approving a spot bitcoin exchange-traded fund (ETF). SEC Approving Spot Bitcoin ETF Is "a Matter of When and Not ... read more.UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

News Feed

Ethereum’s Dencun upgrade to launch in 2 days: Here’s why it matters
Zoltan Vardai12 hours agoEthereum’s Dencun upgrade to launch in 2 days: Here’s why it mattersDencun — the most-anticipated upgrade since the Merge — is set to ship in two days, promising to significantly reduce l
UK regulator alerts public to fake solicitor Bitcoin scam
Amaka Nwaokocha54 minutes agoUK regulator alerts public to fake solicitor Bitcoin scamEmail scams requesting cryptocurrency have been gaining popularity among criminals around the world.454 Total viewsListen to article 0
Bitcoin Loophole: Wanna Make $13K in 24 Hours? This Crypto Trading App Is a Scam
Bitcoin Loophole: Wanna Make $13K in 24 Hours? This Crypto Trading App Is a ScamA bitcoin investment scheme claiming to help people make over $13,000 within 24 hours has recently ga
Firm behind world’s fastest Bitcoin miner raises another $80M
Tristan Greene6 hours agoFirm behind world’s fastest Bitcoin miner raises another $80MAuradine’s previous funding round brought in $81 million and was led by Marathon Digital Holdings.1818 Total views2 Total sharesLi
William Suberg9 hours agoBTC price rally in doubt? Bitcoin young supply echoes 2022 bear marketBitcoin on-chain transaction data shows “uncertain” conditions prevailing, research says, warning that Q2 is not likely t
Salvadoran President Shares Video of Volcano-Powered Bitcoin Mining Facility
Salvadoran President Shares Video of Volcano-Powered Bitcoin Mining Facility On Tuesday, Salvadoran president Nayib Bukele shared a video of a bitcoin mine operating adjacent to a
Bitcoin, Ethereum Technical Analysis: BTC Nears Breakout Below $29,000 on Wednesday
Bitcoin, Ethereum Technical Analysis: BTC Nears Breakout Below $29,000 on Wednesday Bitcoin fell to a one-week low on Apr. 19, as markets moved into consolidation following a recen
OrdiZK bridge vanishes in alleged $1.4M rug pull: CertiK
Christopher Roark1 hour agoOrdiZK bridge vanishes in alleged $1.4M rug pull: CertiKThe team allegedly sold hundreds of millions of tokens into the market and then disappeared from social media.826 Total views5 Total shar
Report: Zambian Currency Poised for First Quarterly Decline Since 2020
Report: Zambian Currency Poised for First Quarterly Decline Since 2020 The Zambian kwacha, one of the best-performing currencies in 2022, is now expected to see its first quarterly
Bank of Kyrgyzstan Issues Warning About Cryptocurrencies, Crypto Payments
Bank of Kyrgyzstan Issues Warning About Cryptocurrencies, Crypto Payments Amid the growing popularity of cryptocurrencies in Kyrgyzstan, the country’s central bank has remin
IMF Warns Russia Sanctions Threaten to Undermine US Dollar Dominance
IMF Warns Russia Sanctions Threaten to Undermine US Dollar Dominance Financial sanctions imposed on Russia over its invasion of Ukraine may result in reduced dominance of the U.S.
David Attlee43 minutes agoUS Representative Torres demands investigation of SEC deal with PrometheumThe United States Securities and Exchange Commission might be investigated for a “haphazard and heavy-handed approach