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Bitcoin, Ethereum Technical Analysis: ETH Falls Below $1,300 Following Monday’s False Breakout

News Feed - 2022-12-06 11:12:45

Bitcoin, Ethereum Technical Analysis: ETH Falls Below $1,300 Following Monday’s False Breakout


Ethereum was in the red on Tuesday, as bears reentered the market following a failed breakout of a key resistance level. Prices failed to sustain yesterday’s move above $1,300, with momentum slipping in today’s session. Bitcoin was also lower, however is trading above $17,000 as of writing. Bitcoin


Bitcoin (BTC) was consolidating in today’s session, as prices retreated from Monday’s three-week high.


Following a peak of $17,371.00 to start the week, BTC/USD fell to an intraday low of $16,922.43 earlier in the day.


This decline comes as traders have seemingly moved to secure gains, following yesterday’s surge in price. BTC/USD – Daily Chart


Looking at the chart, the drop took place as the 14-day relative strength index (RSI) was also unable to climb past a ceiling of its own.


As of writing, the index is tracking at the 48.14 level, which is marginally below a ceiling of 50.00.


Should a breakout occur, it is likely that BTC will move back towards the $17,400 point in upcoming days. Ethereum


Ethereum (ETH) was also in the red during Tuesday’s session, as a result of a failed breakout to start the week.


ETH/USD fell to a bottom of $1,252.47 earlier in the day, which comes as bulls were unable to sustain a surge above the $1,300 mark.


As of writing, ETH is currently trading at $1,264.00, which is nearly 3% lower than Monday’s peak of $1,302.24. ETH/USD – Daily Chart


Like with bitcoin, today’s decline in ethereum comes as the RSI moved below its ceiling at the 52.00 level.


Currently, the index is at a reading of 50.18, with the world’s second largest cryptocurrency trading at $1,263.60.


The 10-day (red) moving average continues to hover above its 25-day (blue) counterpart, which typically is a sign of pending bullish sentiment.


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


Will we see ethereum rebound in upcoming days? 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. Biggest Movers: LEO Rebounds on Wednesday, Whilst AVAX Falls From 3-Week High MARKET UPDATES | 6 hours ago Biggest Movers: LTC Climbs to Highest Level Since May MARKET UPDATES | 1 day ago


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