Fun

Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate to Start the Weekend

News Feed - 2022-12-10 11:12:46

Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate to Start the Weekend


Bitcoin started the weekend trading above $17,000, as traders prepare for next week’s U.S. Federal Reserve interest decision. Markets now expect that the Fed could continue hiking rates, following a higher than expected increase in producer prices. Ethereum mainly consolidated on Saturday, as prices moved back towards a key price floor. Bitcoin


Bitcoin (BTC) remained above the $17,000 level to start the weekend, despite crypto markets mostly consolidating.


BTC/USD fell to an intraday low of $17,100.84 during Saturday’s session, which comes a day after hitting a high of $17,280.55.


As a result of today’s decline, BTC continued to move below its recent resistance level of $17,200. BTC/USD – Daily Chart


Looking at the chart, it now appears as if bitcoin could be moving towards a floor of $16,750, which comes as market volatility remains high today.


The turbulence came as the 14-day relative strength index (RSI) continued to move between a floor of 50.00 and a ceiling of 52.00.


In order for bulls to fully regain market sentiment, a breakout of the 52.00 mark must occur, which could then lead to the return of upwards momentum. Ethereum


Like bitcoin, ethereum (ETH) also consolidated to start the weekend, with price moving close to a key point of support.


Following a peak of $1,290.06 on Friday, ETH/USD moved to a bottom of $1,260.82 earlier in the day.


As a result of today’s drop, the world’s second largest cryptocurrency moved closer to a recent floor of $1,230. ETH/USD – Daily Chart


From the chart, it seems that today’s consolidation comes as bulls failed to break out of a resistance point at $1,300.


As of writing, ethereum now seems as though it is heading for its aforementioned floor at the $1,230 point.


This comes as the 10-day (red) moving average now appears to have halted recent gains, and is slowly shifting downwards.


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


Will ethereum end the weekend below $1,200? 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: UNI Higher, DOGE in Red on Saturday MARKET UPDATES | 7 hours ago Meme Coin Economy Heals After the FTX Fiasco Swelling by $1.4 Billion in 30 Days MARKET UPDATES | 20 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBank of Russia Backs Crypto Mining Bill But Insists Minted Coins Should Be Exported Next articleVersatile 1% a Day Stablecoin SFUSD Launching on 10th December 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 ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

News Feed

Bitcoin Faces Serious Price Compression – What Happened Last Time
Este artículo también está disponible en español. Bitcoin has experienced a tiring price action in recent weeks, with the price struggling to set a clear short-term direc
Zhiyuan Sun12 hours agoHTX’s Justin Sun claims record profits despite staff cutsThe blockchain personality claims that his exchange recorded a profit of $98 million in Q3 2023.1476 Total views16 Total sharesListen to a
Indonesia’s Central Bank Considers Issuing Digital Currency to ‘Fight’ Crypto
Indonesia"s Central Bank Considers Issuing Digital Currency to "Fight" Crypto Bank Indonesia, the country’s central bank, is reportedly considering issuing a central bank di
Ciaran Lyons3 hours agoGemini files brief in lawsuit against SEC, requests to keep it simpleIn a recent court filing, Gemini continued to press for dismissal in its lawsuit against the SEC, citing unclear allegations and
Introducing Binance Oracle VRF: The Next Generation of Verifiable Randomness
Introducing Binance Oracle VRF: The Next Generation of Verifiable Randomness sponsored Main Takeaways Binance Oracle VRF is a Verifiable Random Function (VRF) solution that enables
David Attlee14 hours agoNew Zealand crypto exchange Dasset enters liquidationCustomers of Auckland-headquartered crypto exchange have been denied access to their funds.2427 Total views15 Total sharesListen to article 0:0
William Suberg15 hours agoBitcoin analysis predicts ‘spicy’ BTC price into FOMC as $27K holdsBitcoin market gurus anticipate BTC price volatility to hit around the latest FOMC interest rates decision and Fed press co
Speechwriter for Former US President George Bush Says BTC Rally Driven by ‘Historically Low Interest Rates’
Speechwriter for Former US President George Bush Says BTC Rally Driven by "Historically Low Interest Rates" A speechwriter for former U.S. President George W. Bu
The Politics of Destruction
The Politics of Destruction For some time now, I have been aware of a widespread fascination among many libertarians with Jim Bell’s “Assassination Politics” (A
Bitcoin Skyrockets Above $57K, Recaptures Trillion Dollar Market Cap, Double-Digit Weekly Gains
Bitcoin Skyrockets Above $57K, Recaptures Trillion Dollar Market Cap, Double-Digit Weekly Gains The price of bitcoin continues to climb higher as the crypto asset has captured over
Billionaire Bitcoiner slams UK tax system, leaves for Swiss Bitcoin city: Report
Brayden Lindrea22 hours agoBillionaire Bitcoiner slams UK tax system, leaves for Swiss Bitcoin city: ReportChristian Angermayer claimed the United Kingdom’s latest tax proposal for non-doms would be a “huge mistake
Cyprus Drafts Crypto Rules, May Introduce Them Before EU Regulations
Cyprus Drafts Crypto Rules, May Introduce Them Before EU Regulations Cyprus has prepared its own legislation to regulate crypto assets and is likely to adopt it before Europe final