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Bitcoin, Ethereum Technical Analysis: BTC Drops Below $28,000, ETH Under $1,800

News Feed - 2023-03-31 09:03:30

Bitcoin, Ethereum Technical Analysis: BTC Drops Below $28,000, ETH Under $1,800


Bitcoin was once again trading below the $28,000 level on Friday, as markets consolidated ahead of a key day of economic data. The University of Michigan releases its monthly consumer sentiment report, which is expected to come in lower than February’s sum. Ethereum also declined in today’s session. Bitcoin


Bitcoin (BTC) fell below the $28,000 level on Friday, as markets consolidated ahead of a key day of economic data.


BTC/USD slipped to an intraday low of $27,583.72 in today’s session, which comes a day after the price rose to a high of $28,683.53.


The decline came as traders were unable to sustain a breakout above the $28,500 level, following a nine-month high the day prior. Bitcoin chart by TradingView



Overall, it appears that earlier bulls moved to secure gains, as the 14-day relative strength index (RSI) collided with a ceiling at 65.00.


As of writing, the index is tracking at the 60.84 level, which is marginally above a lower floor at 59.00.


BTC is now trading at $27,928.58, however there will likely be some movement following this afternoon’s data release. Ethereum


Ethereum (ETH) was once again trading below $1,800, as prices failed to breakout from a recent key resistance point.


Following a high of $1,827.28 on Thursday, ETH/USD fell to an intraday low of $1,766.25 in today’s session.


Friday’s sell-off transpired as ETH bulls were unable to move beyond a long-term ceiling at $1,830. Ethereum chart by TradingView


The world’s second largest cryptocurrency is now trading at $1,795.69, which seemingly suggests that some bullish sentiment still remains in the market.


This seems to be a result of price strength failing to drop below a floor at 52.00, and it has since moved to a reading at 57.35.


Should the RSI surge past the 58.00 mark, which is the next visible point of resistance, then ETH will likely be back above $1,800.


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


Will ethereum start April trading above $1,800? 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: Cardano Moves to 6-Week High, Climbing by Over 6% on Friday MARKET UPDATES | 8 hours ago Non-Fungible Token Sales Slid 31% Lower in March With $882 Million in NFT Sales MARKET UPDATES | 10 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBitgo Launches Storage and Tracking Solution for Bitcoin-Based Ordinal Inscriptions Next articleNon-Fungible Token Sales Slid 31% Lower in March With $882 Million in NFT Sales 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.Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher

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