Fun

Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Ahead of United States GDP Data

News Feed - 2022-12-22 10:12:40

Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Ahead of United States GDP Data


Cryptocurrency prices mostly consolidated on Thursday, ahead of upcoming GDP figures from the United States. Bitcoin remained close to the $17,000 level in today’s session, with the global market cap trading 0.01% lower as of writing. Ethereum was largely unchanged, as prices continued to trade above $1,200. Bitcoin


Bitcoin (BTC) continued to consolidate ahead of this afternoon’s third quarter GDP data from the United States.


This afternoon’s figures are expected to show growth of 2.9% in the quarter, as inflation in the U.S. began to slow down.


BTC/USD hit a high of $16,895.71 ahead of the data release, which is marginally higher than Wednesday’s bottom at $16,755.91. BTC/USD – Daily Chart


Looking at the chart, today’s consolidation comes as the 14-day relative strength index (RSI) continued to hover near a support point at 46.00.


As of writing, the index is tracking at the 46.49 level, and could be set to break out of this point at any moment.


Should this occur, bearish sentiment will likely return to the market, with prices heading towards $16,500. Ethereum


Ethereum (ETH) also consolidated in today’s session, with bulls managing to keep prices above the $1,200 level.


Following a low of $1,208.03 in Tuesday’s session, ETH/USD was marginally higher on Thursday, as it rose to a peak of $1,219.61.


The move sees the world’s second largest cryptocurrency continue to be a stone’s throw away from a ceiling at $1,230. ETH/USD – Daily Chart


Despite the prospect of higher highs, overall momentum seems relatively bearish, with the 10-day (red) moving average extending a crossover with its 25-day (blue) counterpart.


As can be deduced from the chart, the RSI also looks set for a down trend, as it failed to break out of its current ceiling at 47.00


In order for bullish sentiment to return, it is likely that a move beyond this resistance will need to take place.


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


Do you expect ethereum to be above $1,230 before Christmas? 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: DOGE Rebounds on Thursday, LTC Nears 1-Week High MARKET UPDATES | 7 hours ago Biggest Movers: ETC Moves Away From Multi-Month Lows, as XMR Extends Recent Gains MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articlePaxful to Drop Ethereum Trading Due to Increased Centralization and Consensus Mechanism Pivot Next articleRate Hikes Needed to Reduce Eurozone Inflation Despite Recession, Top ECB Official Says 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 ItNFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales


Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% ... read more.Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Iran to Increase Penalties for Unauthorized Cryptocurrency Mining

News Feed

Dutch exchange Bitvavo taps Figment to expand staking services
Gareth Jenkinson9 hours agoDutch exchange Bitvavo taps Figment to expand staking servicesInstitutional staking platform Figment will become an additional infrastructure provider to Dutch exchange Bitvavo.4691 Total views
Trump’s Bitcoin sneakers are already on eBay for $2,500
Tom Mitchelhill7 hours agoTrump’s Bitcoin sneakers are already on eBay for $2,500Scalpers are already trying to sell Donald Trump’s just-released limited edition Bitcoin-themed sneakers on eBay for $2,500.3520 Total
DAO Maker hack victims still await reimbursement 3 years later
Christopher Roark11 hours agoDAO Maker hack victims still await reimbursement 3 years laterInvestors say they lost thousands of dollars from the 2021 hack and never received a portion of the funds they were promised as c
Marcel Pechman4 hours agoBitcoin investors are bullish on the US Fed’s $100B lossThe debt ceiling is unlikely to hold as the government faces increased pressure from interest rate payments, a potential catalyst for Bit
Billionaire Investor Bill Ackman Says Unless the Fed Aggressively Hikes Rates, Stock Market Could Crash, ‘Catalyzing an Economic Collapse’
Billionaire Investor Bill Ackman Says Unless the Fed Aggressively Hikes Rates, Stock Market Could Crash, "Catalyzing an Economic Collapse" Billionaire hedge fund manager and founde
Uganda Central Bank Says It Is Open to Crypto Firms Participating in Regulatory Sandbox
Uganda Central Bank Says It Is Open to Crypto Firms Participating in Regulatory Sandbox The Bank of Uganda (BOU) has hinted that it is open to the idea of crypto firms participatin
South African Court Releases Former Monero Developer Riccardo Spagni From Custody
South African Court Releases Former Monero Developer Riccardo Spagni From Custody A South African regional court recently ruled to release former Monero lead maintainer, Riccardo S
Rakesh Upadhyay5 hours agoPrice analysis 8/9: BTC, ETH, BNB, XRP, DOGE, ADA, SOL, MATIC, LTC, DOTBitcoin’s sharp recovery to $30,000 proves that bulls are buying BTC and altcoins at lower support levels.1111 Total view
Ethereum Stabilizes After Market Drop – Key MA Reclaim Could Trigger A June Rally
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
UNI Flashes Strength After Breaking Past Key Resistance Levels, 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
Iraq commitment to capture flare gas sparks crypto mining speculation
Tristan Greene4 hours agoIraq commitment to capture flare gas sparks crypto mining speculationIraq is looking to reduce both pollution and its dependence on fossil fuels.611 Total views22 Total sharesListen to article 0:
Bitcoin Stays Down, But Whale Wallets Quietly Climb to 4-Month High
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