Fun

Bitcoin, Ethereum Technical Analysis: ETH Above $1,330, Consolidating Recent Gains

News Feed - 2023-01-10 10:01:32

Bitcoin, Ethereum Technical Analysis: ETH Above $1,330, Consolidating Recent Gains


Ethereum mostly consolidated during Tuesday’s session, as prices continued to trade close to recent highs. Following a move to a three-week peak to start the week, markets maintained bullish sentiment, earlier in the day. Bitcoin also upheld recent momentum, with the coin remaining near its ceiling at $17,400. Bitcoin


Bitcoin (BTC) continued to trade close to the $17,200 level in today’s session, as traders moved to secure Monday’s gains.


Following a low of $17,162.99 to start the week, BTC/USD hit a high of $17,389.96 earlier in the day.


However, earlier gains have since diminished, with the world’s largest cryptocurrency currently trading at $17,271.27. BTC/USD – Daily Chart


Looking at the chart, today’s price consolidation came as the 14-day relative strength index (RSI) continued to hover close to a key resistance at the 60.00 mark.


Despite the index currently tracking above this point at 60.89, price uncertainty has heightened, leading to previous bulls abandoning positions.


Traders may once again attempt to move beyond a price ceiling at $17,400, however this may come later in the week following the release of U.S. inflation data. Ethereum


Ethereum (ETH) also moved into consolidation on Tuesday, as prices failed to break out of a key resistance point of $1,350 on Monday.


Earlier in today’s session, ETH/USD moved to a peak of $1,342.14, before then dropping to a bottom at $1,317.24.


Like with bitcoin, today’s consolidation in ethereum comes as traders opted to take profits, after the coin rallied to a multi-week high yesterday. ETH/USD – Daily Chart


As can be seen from the chart, yesterday’s gain pushed ETH into overbought territory, leading to a slowing down of upward momentum.


Currently, the RSI is tracking at 68.08, which is its strongest point since late October, and close to a ceiling of 70.00


In order for bullish momentum to extend recent gains, this ceiling will first need to be overcome.


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 there to be further gains in price in the coming 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 online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Biggest Movers: SHIB Surges to 5-Week High, APE up for Fifth Straight Day MARKET UPDATES | 7 hours ago Biggest Movers: SOL up 22% as ADA Hits Highest Point Since November MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCryptocurrency Rose Ranks in Popularity as Investment Option in Chile in 2022 Next articleEthereum Developers Prepare to Deploy Shanghai Public Testnet, Focus on Staked Ether Withdrawals 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.Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

Elon Musk Suggests Making Dogecoin a Payment Option for Twitter Blue Service
Elon Musk Suggests Making Dogecoin a Payment Option for Twitter Blue Service Tesla and Spacex CEO Elon Musk has suggested making the meme cryptocurrency dogecoin (DOGE) a payment o
SEC will not pursue enforcement action against Paxos
Turner WrightJul 11, 2024SEC will not pursue enforcement action against PaxosThe stablecoin issuer received an SEC Wells notice in February 2023 warning of a potential lawsuit over Binance USD as an unregistered security
Dollar-Cost Averaging Crypto Profits: Low-Risk Bitcoin Investing Without All the Stress
Dollar-Cost Averaging Crypto Profits: Low-Risk Bitcoin Investing Without All the Stress Bitcoin prices and a number of other digital assets have grown significan
Binance Backs out of FTX Deal Citing ‘Due Diligence,’ Reports of ‘Mishandled Customer Funds’
Binance Backs out of FTX Deal Citing "Due Diligence," Reports of "Mishandled Customer Funds" The world’s largest cryptocurrency exchange Binance will not go through with pur
CoinDesk’s On Tap Meetup With CoinDesk Japan Is Happening Tonight In Tokyo
We’ll see you tonight at our Tokyo On-Tap event produced in cooperation with the amazing team at CoinDesk Japan. The event will be held at DevilCraft Hamamatsucho (〒105-0013 Tokyo, Minato City, Hamamatsuc
Shaky USDT Price Stirs Speculation Tied to Alameda Reserves, Tether Freezes 46 Million Tokens
Shaky USDT Price Stirs Speculation Tied to Alameda Reserves, Tether Freezes 46 Million Tokens Amid the market fluctuations on Thursday, data shows the stablecoin tether temporarily
Mango Markets DAO mulls offering settlement with SEC
Martin Young2 hours agoMango Markets DAO mulls offering settlement with SECThe proposed settlement involves Mango DAO neither admitting nor denying wrongdoing and paying a $223,228 fine. 936 Total viewsListen to article
Russian Government to Track Crypto Transactions With Help From Anti-Drug Organization
Russian Government to Track Crypto Transactions With Help From Anti-Drug Organization Russian institutions have responded to a call fromа public movement for joint efforts to
Three Fronts in the Global Digital Currency Wars
Jeremy Allaire is co-founder, CEO and chairman of Circle, a global financial services company that provides a platform for individuals, institutions and entrepreneurs to build businesses, invest and raise capital with op
Litecoin Fails To Break Key Resistance Level Again – Can Bulls Hold Range Lows?
Este artículo también está disponible en español. Litecoin has faced a massive drop as the entire crypto market experiences intense selling pressure. Increased volatility
‘Central Banking Is Socialism for the 1%’ – Report Cites Wealth Inequality Driven by Stimulus
"Central Banking Is Socialism for the 1%" - Report Cites Wealth Inequality Driven by Stimulus For a while now, central banks like the Federal Reserve have been participating in q
Ana Paula Pereira2 hours agoJPMorgan moves into deposit tokens for settlements: ReportJPMorgan is reportedly developing the infrastructure to run a new deposit token, allowing settlements between banks for corporate clie