Fun

Bitcoin, Ethereum Technical Analysis: ETH Nears 10% Gain, BTC Inches Toward $40,000

News Feed - 2022-01-27 12:01:40

Bitcoin, Ethereum Technical Analysis: ETH Nears 10% Gain, BTC Inches Toward $40,000


Days after falling to a 6-month low, bitcoin rose for a second consecutive session, as prices slowly approached its key level of $40,000. Today’s gain in BTC comes as the global crypto market cap was 4.7% higher from yesterday’s session, as of writing. Bitcoin


The world’s largest cryptocurrency hit an intraday high of $38,415.90 on Wednesday, which is its highest level in the last six sessions.


Today’s move comes as the 14-day RSI on BTC/USD broke out of its recent resistance level of 30, which typically signifies prices being oversold, and is now tracking at 38.


Despite remaining relatively oversold, this short-term bullish momentum has led to the 10-day (red) EMA slowly curving out, with the potential for an upward cross with the 25-day (blue) EMA gradually increasing.


If this were to occur, history shows that there could be increased buying pressure, as prices would likely break above the $40,000 ceiling. Which is an area where previous bull runs have started. BTC/USD – Daily Chart


However, as we approach this level, there looks to be some resistance ahead, with the RSI indicator showing that a ceiling of 41 could pour cold water on the current streak.


This, if the recent bullish pressure isn’t enough to overcome the upcoming hurdle. Ethereum


ETH prices were trading close to 10% higher during the course of Wednesday’s session, hitting an intraday high of $2,648.49 in the process.


Similar to bitcoin, ETH/USD moved past recent lows in its 14-day RSI, and currently tracks slightly above the 34 level.


This gain in strength has led to prices hitting a 5-day high, now on the periphery of breaking into the 0.236 Fibonacci level.


As you can see from the chart below, this fib level, which is at $2,675.00, has birthed several bull runs in the past. ETH/USD – Daily Chart Tags in this story BTC, Bullish, Ethereum, Technical Analysis


With no clear signs of resistance in volumes, are we set to see more gains in the price of ETH? Leave your thoughts in the comments below. Eliman Dambell


Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Technical Analysis: Cosmos Decline Continues, as Polygon Surges MARKET UPDATES | 4 hours ago Technical Analysis: Meme Coins, Avalanche Move Higher on Tuesday MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleThailand Announces Cryptocurrency Will Be Regulated as Means of Payment Next articleMark Zuckerberg’s Meta in Talks to Sell Assets in Crypto Project Diem: Report 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 ItTom Brady"s Autograph NFT Agency Gets $170 Million in Series B Funding Round


Autograph, the NFT agency co-founded by famous NFL player Tom Brady, has raised $170 million in its series B funding round. The company revealed that the funding round was led by Andreessen Horowitz and Kleiner Perkins, with the participation of ... read more.Bank of Russia to Monitor Banks’ Dealings With Crypto Exchangers These Are the Crypto Economy"s 10 Most Expensive Assets per Unit in 2022 Bitcoin Mining Difficulty Reaches Lifetime High, It"s Now More Difficult Than Ever Before to Find a Block Reward Robinhood Begins Rolling Out Crypto Wallets to Select Customers

News Feed

Goldman Sachs Executive Reportedly Resigns After Making Millions Investing in Dogecoin
Goldman Sachs Executive Reportedly Resigns After Making Millions Investing in Dogecoin A Goldman Sachs executive has reportedly resigned from the investment bank
Ethereum Gas Fees Spike as ETH Value Rises: Average Onchain Fees Jump by More Than 50%
Ethereum Gas Fees Spike as ETH Value Rises: Average Onchain Fees Jump by More Than 50% While the second-largest crypto asset by market capitalization, ethereum, has risen 27% again
Ethereum price data points to impending rally above $3.4K
Marcel Pechman3 hours agoEthereum price data points to impending rally above $3.4KThree key Ethereum price metrics suggest ETH is primed for a rally above $3,400.1409 Total views61 Total sharesListen to article 0:00Marke
Treasury Says Crypto Reduces Efficacy of US Sanctions, Seeks More Funding
Treasury Says Crypto Reduces Efficacy of US Sanctions, Seeks More Funding The U.S. Department of the Treasury says that the growing use of crypto assets challenges the efficacy of
Coinbase CEO Says Ordinary Russians Use Crypto as a Lifeline as the Ruble Collapses
Coinbase CEO Says Ordinary Russians Use Crypto as a Lifeline as the Ruble Collapses The CEO of the Nasdaq-listed crypto exchange Coinbase says ordinary Russians are using cryptocur
Celebrity crypto tokens will ‘absolutely’ catch SEC’s eye — Lawyers
Jesse Coghlan1 hour agoCelebrity crypto tokens will ‘absolutely’ catch SEC’s eye — LawyersCelebrities who have brazenly shilled their memecoins on X in recent months run a high risk of attracting the attention of
Web3 Applications Will Increasingly Be Built on Custom Blockchains, Says Ankr’s Head of Product
Web3 Applications Will Increasingly Be Built on Custom Blockchains, Says Ankr’s Head of Product As blockchain developers compete for traffic and resources for their respective da
FBI Profiles Top 10 Most Wanted Fugitive ‘Crypto Queen’ Ruja Ignatova of Onecoin Scam
FBI Profiles Top 10 Most Wanted Fugitive "Crypto Queen" Ruja Ignatova of Onecoin Scam The Federal Bureau of Investigation (FBI) profiled the Onecoin cryptocurrency scam and its co-
Bitcoinsv Chain Suffers 51% Attack: Analyst Claims BSV Network Experienced a 100-Block Reorg
Bitcoinsv Chain Suffers 51% Attack: Analyst Claims BSV Network Experienced a 100-Block Reorg Reports show that the Bitcoinsv blockchain suffered from a 51% attac
Tom Mitchelhill4 hours agoReading the Elon Musk ‘tea leaves’ — Is Dogecoin coming for Twitter?A subtle change in Elon Musk’s Twitter bio has reignited rumors Dogecoin may soon be used for payments on Musk’s “
Helen Partz13 hours agoReddit prepares to drop Gen 4 collectible avatars on PolygonDespite the downturn in the NFT industry, Reddit continues to attract new holders of digital collectibles issued on the blockchain.2047 T
Circle Starts Moving USDC Reserves Into a Blackrock-Managed Fund, Firm Expects to Be ‘Fully Transitioned’ Next Year
Circle Starts Moving USDC Reserves Into a Blackrock-Managed Fund, Firm Expects to Be "Fully Transitioned" Next Year According to the crypto firm Circle Internet Financial, the comp