Fun

Bitcoin, Ethereum Technical Analysis: BTC Moves Below $30,000 on Monday, as US Dollar Rallies

News Feed - 2023-04-17 09:04:45

Bitcoin, Ethereum Technical Analysis: BTC Moves Below $30,000 on Monday, as US Dollar Rallies


Bitcoin started the week trading below $30,000, as the U.S. dollar strengthened during Monday’s session. USD/JPY rose to a one-month high, with the greenback also gaining against the euro and British pound. Ethereum was also lower, falling below $2,100. Bitcoin


Bitcoin (BTC) dropped below the $30,000 mark on Monday, as a strong U.S. dollar weakened cryptocurrency markets.


BTC/USD fell to an intraday low of $29,816.72, which comes less than 24 hours after trading at a high of $30,555.54.


Monday’s price slippage comes two days after bitcoin rose above $31,000 for the first time since June 7. Bitcoin chart by TradingView



Ultimately, this recent bull run pushed BTC into overbought territory, with the relative strength index (RSI) hitting a ceiling of 71.00.


At the time of writing, the index is tracking at 63.45, with a floor at the 59.00 mark potentially approaching.


Should price strength continue to move towards this level, there is a good chance that BTC will move below a floor at $29,600. Ethereum


Ethereum (ETH) mostly consolidated to start the week, as price moved below the $2,100 mark on Monday.


Following a high of $2,137.45 on Sunday, ETH/USD dropped to a bottom of $2,076.18 earlier in today’s session.


Monday’s decline sees the world’s second largest cryptocurrency drop from a recent 11-month high. Ethereum chart by TradingView



Similar to bitcoin, this decline coincided with the 14-day RSI failing to break out of a ceiling, and in this instance it was at the 75.00 mark.


Despite this, ETH remains close to the $2,100 mark, helped by the fact the index is still above its floor at 69.00


If this point of support were to break, then bears would likely reenter the market.


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


Could ethereum fall below $2,000 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: DOGE Jumps 6%, AVAX Hits 2-Month High on Monday MARKET UPDATES | 8 hours ago Biggest Movers: ADA Price Climbs for Ninth Consecutive Day MARKET UPDATES | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleWhaleportal Helps Unravel Market Sentiment and Predict Price Movements Using Key Metrics Next articleOKX and Manchester City Captain İlkay Gündoğan Launch Football Masterclass in the Metaverse 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.Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Iran to Increase Penalties for Unauthorized Cryptocurrency Mining

News Feed

Cardano Subsidiary Emurgo in Partnership With Pan-African Venture Studio
Cardano Subsidiary Emurgo in Partnership With Pan-African Venture Studio Emurgo, the investment arm of Cardano, has partnered one of its subsidiaries with Adanian Labs, a pan-Afric
Galaxy Digital’s revenue soars with mining, fees at record levels
Ana Paula Pereira4 hours agoGalaxy Digital’s revenue soars with mining, fees at record levelsGalaxy Digital’s net income climbed 40% in the first quarter of 2024, buoyed by record-breaking revenue from mining operati
Federal Reserve Board drops enforcement action against Silvergate
Vince Quill6 hours agoFederal Reserve Board drops enforcement action against SilvergateSilvergate Bank, a former crypto-friendly bank, collapsed in March 2023 due to the fallout created by the implosion of the FTX exchan
Solana’s SOL/BTC pair flashes bullish — Are new highs in store?
Rakesh Upadhyay7 hours agoSolana’s SOL/BTC pair flashes bullish — Are new highs in store?Solana’s coiling price against Bitcoin suggests it could be ready for a breakout soon.1008 Total views1 Total sharesListen to
Pantera invests in TON with high expectations for Telegram’s future
Derek Andersen6 hours agoPantera invests in TON with high expectations for Telegram’s futureThe Telegram-TON hookup opens up a broad spectrum of Web3 opportunities for Telegram’s 900 million monthly users, Pantera Ca
Bitcoin Trader: Google Helps Scam Crypto Trading App Look Legit in Reviews
Bitcoin Trader: Google Helps Scam Crypto Trading App Look Legit in ReviewsBitcoin Trader has been heavily promoting itself as the best and safest automated cryptocurrency trading ap
Bahamas Corrections Commissioner Says FTX Co-Founder Bankman-Fried Is in ‘Good Spirits’ in the Prison Sick Bay
Bahamas Corrections Commissioner Says FTX Co-Founder Bankman-Fried Is in "Good Spirits" in the Prison Sick Bay According to local reports, former FTX CEO Sam Bankman-Fried (SBF) is
Bitcoin price aims for a bullish weekly open — Will DOGE, TON, STX and FTM follow?
Rakesh Upadhyay1 hour agoBitcoin price aims for a bullish weekly open — Will DOGE, TON, STX and FTM follow?Bitcoin bulls attempt to establish control over BTC price, a move that could benefit DOGE, TON, STX and FTM.646
Martin Young3 hours agoOrdinals still make up majority of Bitcoin txs despite price collapseBitcoin Ordinals appear to be alive and kicking, with nearly 85% of Bitcoin network activity dominated by inscriptions and BRC-2
Is Dogecoin only starting its big rally after 70% weekly gains?
Yashu Gola9 hours agoIs Dogecoin only starting its big rally after 70% weekly gains?Dogecoin whales have been actively increasing their DOGE holdings ahead of the anticipated April Bitcoin halving event.5585 Total views7
Billionaire Bill Miller Shares Current Crypto Outlook: ‘It’s Very Bullish for Bitcoin’
Billionaire Bill Miller Shares Current Crypto Outlook: "It"s Very Bullish for Bitcoin" Veteran investor and fund manager Bill Miller explains why he thinks that it is currently &#x
Coinbase ‘not aware’ of any customer data breach after Au10tix credential leak
Christopher Roark5 hours agoCoinbase ‘not aware’ of any customer data breach after Au10tix credential leakCompliance platform Au10tix said that although a credential was leaked, there is no evidence that it was used