Fun

Bitcoin, Ethereum Technical Analysis: BTC Consolidates Ahead of Big Week of Economic Data

News Feed - 2023-02-27 10:02:44

Bitcoin, Ethereum Technical Analysis: BTC Consolidates Ahead of Big Week of Economic Data


Bitcoin consolidated below the $24,000 level on Feb. 27, as cryptocurrency markets prepared for a big week of economic data. Durable goods orders from the United States will be released later today, with consumer confidence figures set for Tuesday. Ethereum rose back above $1,600, following a breakout on Sunday. Bitcoin


Bitcoin (BTC) has largely been in consolidation in today’s session, as markets prepare for a big week of U.S. economic activity data.


Following a low of $23,165.23 on Sunday, BTC/USD rose to an intraday high of $23,654.37 earlier in today’s session.


The move comes as bitcoin bulls continued to climb higher, following a breakout of the $23,000 level on Saturday. Bitcoin chart by TradingView


 



Since reaching the day’s peak, prices have somewhat slipped, with the world’s largest cryptocurrency currently trading at $23,408.54.


This appears to come as the 14-day relative strength index (RSI) failed to break out of a resistance level of 53.00


As of writing, the index is currently tracking at a reading of 51.95, with the next visible point of support at 50.00. Ethereum


Ethereum (ETH), on the other hand, has been predominantly bullish to start the week, with prices rising back above $1,600.


ETH/USD, which dropped to a bottom of $1,597.21 on Sunday, surged to a peak of $1,645.91 earlier in the day.


Prices have mostly climbed in the past few days, after falling to a low of $1,557 to start the weekend. Ethereum chart by TradingView


 



Like with bitcoin, earlier gains have eased, as the RSI collided with a wall at the 54.00 mark.


Since this collision, price strength has declined, with the RSI now tracking at 53.04, and ETH trading at $1,638.06.


Should ETH bulls intend to take price back towards the $1,700 mark, the first step in this journey would be to move past the 54.00 ceiling.


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


Could ethereum climb above $1,700 in the coming days? Leave your thoughts in the comments below. Eliman Dambell


Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Biggest Movers: SHIB, LTC Marginally Higher During Volatile Start to the Week MARKET UPDATES | 7 hours ago 5 High-Profile Cryptocurrency Implosions Shatter Trust, Wipe out Billions in Value During 2022"s Crypto Winter MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBrazilian Digital Real Passes Public Blockchain Pilot Test With Flying Colors Next articleMawson Infrastructure Group Launches Bitcoin Mining Operation in Pennsylvania, Exits Australia 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 ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year


The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Tony Hawk"s Latest NFTs to Come With Signed Physical Skateboards Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms

News Feed

Prashant Jha10 hours agoBreaking: PayPal launches PYUSD stablecoin for paymentPayment processing giant PayPal launched crypto payments in 2020 and has since been actively involved in the sector.7525 Total views135 Total
Bitcoin ETF activity to remain robust until the halving: Santiment
Martin Young3 hours agoBitcoin ETF activity to remain robust until the halving: SantimentIt is a “likely foregone conclusion” that high Bitcoin ETF activity will continue leading up to the halving, said Santiment.179
Stacks AMM Revealed, Native Bitcoin Swaps Executed With Proof-of-Transfer Protocol
Stacks AMM Revealed, Native Bitcoin Swaps Executed With Proof-of-Transfer Protocol According to a recent report, the first trust-less swap between the Bitcoin bl
BlackRock’s iShares Ethereum Trust approaches $1B in net inflows — Morningstar
Alex O’Donnell8 hours agoBlackRock’s iShares Ethereum Trust approaches $1B in net inflows — MorningstarETHA will be the first Ether exchange-traded fund to crest the $1-billion mark.1768 Total views4 Total sharesLi
EU publishes draft rules for stablecoin issuer complaint procedures
Amaka Nwaokocha1 minute agoEU publishes draft rules for stablecoin issuer complaint proceduresThis regulatory framework for stablecoins results from a joint collaboration between the European Banking Authority and the Eu
Leading European Tire Retreader Vaculug to Accept Crypto Payments
Leading European Tire Retreader Vaculug to Accept Crypto Payments Vaculug, a British company that brands itself as Europe’s largest independent tire retreader, will now acce
Fed’s Bullard Wants to Raise Bank Rate to 3.5% by Year’s End, Hints at 75 Basis Point Rate Hike
Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike The 12th president of the Federal Reserve Bank of St. Louis, James Bullard, thinks t
Mature Bitcoin Wealth Taps an All-Time High — Diamond Hands Trend Highlights ‘Refusal to Spend’
Mature Bitcoin Wealth Taps an All-Time High — Diamond Hands Trend Highlights ‘Refusal to Spend’ After bitcoin neared $25K roughly 44 days ago, the crypto asset’s price
Edogawa Ward in Tokyo to Use Metaverse Tech to Solve ‘Hikikomori’ Problem
Edogawa Ward in Tokyo to Use Metaverse Tech to Solve "Hikikomori" Problem Edogawa Ward in Tokyo plans to use metaverse tech to help social recluses, also known as “hikikomori
Swiss National Bank Trials CBDC in Transactions With Five Banks
Swiss National Bank Trials CBDC in Transactions With Five Banks The Swiss National Bank has successfully employed a wholesale CBDC to settle transactions with five commercial banks
Wendy McElroy: Crypto is Banking for Anarchists and Average People
Wendy McElroy: Crypto is Banking for Anarchists and Average People “What I love about Bitcoin is that instead of some rich old guy on Wall Street, young poor people are the
Bitcoin, Ethereum Technical Analysis: BTC, ETH Extend Consolidation Ahead of Nonfarm Payrolls
Bitcoin, Ethereum Technical Analysis: BTC, ETH Extend Consolidation Ahead of Nonfarm Payrolls Bitcoin consolidated for a third consecutive session on Friday, hours before a much an