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

Iran to Increase Penalties for Unauthorized Cryptocurrency Mining
Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Iran has drafted new rules to increase penalties for illegal cryptocurrency mining in the country, including addit
Tesla CEO Elon Musk Gives Investment Advice He Says ‘Will Serve You Well in the Long Term’
Tesla CEO Elon Musk Gives Investment Advice He Says "Will Serve You Well in the Long Term" Tesla and Spacex CEO Elon Musk has shared his recommended investment strategy, which he b
Bermuda Starts Development of a Blockchain-Based National ID System
The initial phase of Bermuda’s national blockchain-based electronic identification program is setting sail, one of very few such initiatives anywhere. A digital ID solution f
Bitcoin, Ethereum Technical Analysis: Crypto Prices Fall Lower as Markets Continue to Digest Biden’s Executive Order
Bitcoin, Ethereum Technical Analysis: Crypto Prices Fall Lower as Markets Continue to Digest Biden"s Executive Order Less than 24 hours after U.S. President Biden’s executiv
Crypto exchange FTX gets nod to sell $873M of assets to repay creditors
Brayden Lindrea6 hours agoCrypto exchange FTX gets nod to sell $873M of assets to repay creditorsNearly $700 million of the $873 million trust assets allowed to be sold by FTX comes from Grayscale’s flagship product, t
BNB Breaks Below $605 As Bullish Momentum Fades – What’s Next?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Korean Government Considers Imposing Unified Listing Standard on Crypto Exchanges After LUNA, UST Collapse
Korean Government Considers Imposing Unified Listing Standard on Crypto Exchanges After LUNA, UST Collapse The South Korean government is considering imposing tougher regulations,
XRP Price Eyes 20% Move With Golden Pocket Appearance
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Traders see ETH’s $3.2K pullback as a ‘buy’ while ETFs build steam
Ciaran Lyons7 hours agoTraders see ETH’s $3.2K pullback as a ‘buy’ while ETFs build steamAnalysts believe Ether will see “tremendous” price action once spot ETFs build momentum, similar to Bitcoin after the lau
Travelbybit to Drop Bitcoin Payments After Viral Double Spend Video
Travelbybit to Drop Bitcoin Payments After Viral Double Spend Video On December 18, Bitcoinbch.com published a video explaining how easy it is to double spend BTC transactions in
Core Scientific sees revenue surge in 1Q24 after emerging from bankruptcy
Ana Paula Pereira2 hours agoCore Scientific sees revenue surge in 1Q24 after emerging from bankruptcyBitcoin miner Core Scientific has posted $150 million in revenue from digital asset mining in the first quarter of 2024
Bitcoin Rises in New Crypto Rankings by Chinese Government-Backed Institute
Bitcoin Rises in New Crypto Rankings by Chinese Government-Backed InstituteChina’s Center for Information and Industry Development has revised its cryptocurrency project ranki