Fun

Bitcoin, Ethereum Technical Analysis: BTC Rebounds, Following Decline in US Consumer Confidence 

News Feed - 2023-03-01 11:03:00

Bitcoin, Ethereum Technical Analysis: BTC Rebounds, Following Decline in US Consumer Confidence 


Bitcoin rebounded on March 1, as markets reacted to the latest consumer confidence report from the United States. Confidence slipped last month, which appears to be a sign that higher rates are starting to take effect. Ethereum also moved higher on Wednesday, as prices moved above $1.650. Bitcoin


Bitcoin (BTC) rebounded on Wednesday, which comes in the aftermath of the latest U.S. consumer confidence report.


Confidence fell to a reading of 102.9 in February, less than the 108.5 sum that markets had anticipated.


Following a low of $23,077.65 on Tuesday, BTC/USD surged to an intraday peak of $23,880.63 earlier in the day. Bitcoin chart by TradingView



The move pushed bitcoin marginally past a long-term resistance level at $23,800, hitting a five-day high in the process.


Another slight breakout occurred on the 14-day relative strength index (RSI), which climbed beyond a ceiling at 54.00.


At the time of writing, the index is tracking at 55.02, with the next visible resistance zone at the 60.00 level. Ethereum


Like bitcoin, ethereum (ETH) also raced higher on hump-day, as prices once again moved above $1,650.


ETH/USD raced to a high of $1,658.69 earlier today, less than 24 hours after nearly falling below $1,600.


As a result of this surge, the world’s second-largest cryptocurrency climbed to its strongest point since last Thursday. Ethereum chart by TradingView



Additionally, price strength has also risen past a ceiling at the 53.00 mark, with the index tracking at 54.68 as of writing.


Despite this, the 10-day (red) moving average still seems set to crossover its 25-day (blue) counterpart, which could prompt an upcoming sell-off.


Should this cross occur, there is a possibility that ETH could fall toward a floor at the $1,550 mark.


Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, Charts, crypto economy, ETH, Ethereum, Markets, Price report, Prices, TA, Technical Analysis


Could we see ethereum drop below $1,600 this week? 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: LTC Hits 9-Day High, While MATIC Snaps Recent Losses MARKET UPDATES | 7 hours ago Crypto Economy Swelled 80,466% Since 2013, Despite $1.5 Trillion Loss in 2022 Downturn MARKET UPDATES | 8 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articlePuerto Rico Defines Act 60 Tax Exemptions for Blockchain Companies Next articleCrypto Economy Swelled 80,466% Since 2013, Despite $1.5 Trillion Loss in 2022 Downturn 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 ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days


Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

News Feed

South Korea’s Ministry of Foreign Affairs Plans to Revoke Do Kwon’s Passport: Report
South Korea"s Ministry of Foreign Affairs Plans to Revoke Do Kwon"s Passport: Report According to local reports stemming from South Korea, the country’s foreign ministry is
El Salvador’s Bitcoin wallet gets sats, cats and a cypherpunk manifesto
Brayden Lindrea4 hours agoEl Salvador’s Bitcoin wallet gets sats, cats and a cypherpunk manifestoApproximately $700 in satoshis were sent to El Salvador’s new “Bitcoin piggy bank” across dozens of donations.10184
Tom Blackstone7 hours agoPolygon launches POL token contract on Ethereum to eventually replace MATICThe team migrated the POL token contract to the Ethereum network, paving the way for it to replace MATIC in the future.2
Turner Wright4 hours agoJudge says Sam Bankman-Fried’s lawyers have until Sept. 1 to request a trial postponement: ReportThough the judge reportedly said he would not necessarily grant a postponement, SBF’s lawyers h
Nansen integrates blockchain data from SportFi chain Chiliz and Ethereum rollup zkSync
Gareth Jenkinson9 hours agoNansen integrates blockchain data from SportFi chain Chiliz and Ethereum rollup zkSyncThe integration provides a high-level overview of both ecosystems, allowing cryptocurrency teams to run the
Spot Bitcoin ETF net inflows drop by 80% as BTC price dips below $69K
Prashant Jha13 hours agoSpot Bitcoin ETF net inflows drop by 80% as BTC price dips below $69KBlackRock’s ETF recorded the highest inflows of $350 million, while Grayscale saw $250 million in outflows.5970 Total views27
Tristan Greene6 hours agoLocal Web3 community launches ‘Crypto Aid Israel’ to help displaced citizensThe charity campaign aims to raise funds for humanitarian aid to help Israelis affected by the recent conflict.1957
Hashing It Out: Can blockchain create a sovereign internet?
Elisha Owusu Akyaw11 hours agoHashing It Out: Can blockchain create a sovereign internet?In the latest episode of Cointelegraph’s Hashing It Out podcast, the co-founder of XYO Network, Arie Trouw, explains how blockcha
Bitcoin Continues to Record Blocks Above the 3.75 MB Range as Ordinal Inscriptions Near 150,000
Bitcoin Continues to Record Blocks Above the 3.75 MB Range as Ordinal Inscriptions Near 150,000 As Ordinal inscriptions approach the 150,000 mark, blocks larger than 3 MB have beco
Prashant Jha14 hours agoCanada central bank assesses innovations and challenges of DeFiThe staff note suggested that, although the DeFi ecosystem brings a ton of innovations in the financial sector, the regulatory challe
Bitcoin, Ethereum Technical Analysis: BTC Drops Below $24,000 to Lowest Level Since December 2020
Bitcoin, Ethereum Technical Analysis: BTC Drops Below $24,000 to Lowest Level Since December 2020 Bitcoin fell to its lowest level since December 2020 to start the trading week, as
Major VC Firm Sequoia Capital Marks FTX Investment to $0 — Says ‘Liquidity Crunch Has Created Solvency Risk for FTX’
Major VC Firm Sequoia Capital Marks FTX Investment to $0 — Says "Liquidity Crunch Has Created Solvency Risk for FTX" Venture capital giant Sequoia Capital is marking its investme