Fun

Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Following Recent Highs

News Feed - 2023-01-16 10:01:08

Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Following Recent Highs


Bitcoin consolidated on Jan. 16, as U.S. markets closed in celebration of the Martin Luther King Jr. Day holiday celebration. Traders have seemingly moved to secure recent gains, after the world’s largest cryptocurrency rose above $21,000 for the first time since November. Ethereum also retreated from recent highs in today’s session. Bitcoin


Bitcoin (BTC) consolidated to start the week, as prices failed to break out of a key resistance level.


Following a high of $21,345.25 on Sunday, BTC/USD fell to an intraday low of $20,681.98 earlier in today’s session.


This drop comes as the world’s largest cryptocurrency was unable to move beyond its long-term ceiling at $21,400. BTC/USD – Daily Chart


Looking at the chart, this was somewhat expected, due to the 14-day relative strength index (RSI) hovering in overbought territory.


As of writing, price strength is currently tracking at 86.65, after failing to move north of the 90.00 mark.


It is likely that further declines could be on the cards this week, with a floor of $20,000 a potential target for sellers. Ethereum


In addition to BTC, ethereum (ETH) also retreated from recent highs, which comes after a failed breakout of its own.


ETH/USD dropped to a bottom of $1,529.79 earlier today, which comes after trading at a high of $1,579.48 on Sunday.


Ethereum failed to sustain a move above a ceiling at $1,580, giving way to a resurgence of some bearish sentiment. ETH/USD – Daily Chart


Like with bitcoin, ethereum prices were significantly overbought, with the index at its highest point since January 2021.


Now tracking at 83.46, the next visible floor seems to be at the 70.00 mark, which if hit, could see ETH trading near $1,475.


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 fall lower 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: SOL, SHIB Remain Near Multi-Month Highs, Despite Market Consolidation MARKET UPDATES | 7 hours ago Biggest Movers: SHIB Hits 6-Week High, Whilst SOL Extends Recent Gains MARKET UPDATES | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBradesco, One of Brazil’s Largest Banks, Launches Tokenized Credit Notes in Blockchain Pilot Next articleOnchain Researchers Discover $63M in Ethereum From Harmony Bridge Attack Moved, Hackers Attempt to Launder Funds on Major Exchanges 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 ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits


As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

News Feed

Coinmama Appoints Unicorn IronSource GM Sagi Bakshi as CEO
Coinmama Appoints Unicorn IronSource GM Sagi Bakshi as CEO Unicorn startup IronSource’s general manager, Sagi Bakshi, has joined cryptocurrency exchange Coinmama as CEO, sayin
‘Bitcoin’s No Longer Optional’ — What Investors Say About Paypal Launching Crypto Services
"Bitcoin"s No Longer Optional" — What Investors Say About Paypal Launching Crypto Services Paypal launching cryptocurrency services has given crypto investors
TRON Market Cap Hits Nearly $14 Billion On Strong Revenue Growth
Este artículo también está disponible en español. TRON, with its native token TRX, has been on a tear in the last few months, with its impressive market cap growth. Based
Gary Gensler Outlines What to Expect From SEC on US Crypto Regulation
Gary Gensler Outlines What to Expect From SEC on US Crypto Regulation The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has outlined what to expect f
Biggest Movers: UNI Moves Into Top 20, as SHIB Hits Highest Point Since May
Biggest Movers: UNI Moves Into Top 20, as SHIB Hits Highest Point Since May Uniswap moved into the crypto top 20 on Wednesday, relegating MATIC, after surging by over 10% today. UN
Biggest Movers: LUNA Falls to 6-Week Low, as ALGO Surges 15% on Saturday
Biggest Movers: LUNA Falls to 6-Week Low, as ALGO Surges 15% on Saturday Despite Terra buying $1.5 billion worth of BTC this week, LUNA slipped to a six-week low to start the weeke
Tether’s slowdown in supply points to cooling crypto activity
Ana Paula Pereira4 hours agoTether’s slowdown in supply points to cooling crypto activityAs of June 24, Tether’s month-over-month supply has risen by less than 1.5%, down from over 5% in April and May.692 Total views
Ledger Wallet Data Leak Dumped on Raidforums for Free, Company Regrets the Situation
Ledger Wallet Data Leak Dumped on Raidforums for Free, Company Regrets the Situation Just recently, the hardware wallet manufacturer Ledger has been dealing with
Binance reaches $1.7M agreement with Brazilian securities regulator
Turner Wright4 hours agoBinance reaches $1.7M agreement with Brazilian securities regulatorBrazil’s CVM issued a warning to the crypto exchange in 2020 that it was offering residents derivatives products without author
Kazakhstan Mulls Nuclear Power to Deal With Electricity Shortages Blamed on Crypto Miners
Kazakhstan Mulls Nuclear Power to Deal With Electricity Shortages Blamed on Crypto Miners The government in Kazakhstan is considering building a nuclear power plant to overcome an
xSigma’s MaximNFT to Launch Beta in Late November, Including NFT Collections From Brian Tracy and Numerous NFL Players
xSigma’s MaximNFT to Launch Beta in Late November, Including NFT Collections From Brian Tracy and Numerous NFL Players press release PRESS RELEASE. WENZHOU, China/PRNewswire/ 
Bitcoin, Ethereum Technical Analysis: BTC, ETH Drop as Key Resistance Levels Hold
Bitcoin, Ethereum Technical Analysis: BTC, ETH Drop as Key Resistance Levels Hold Bitcoin fell lower on Friday, as the token slipped below a key resistance level during todayȁ