Fun

Bitcoin, Ethereum Technical Analysis: Ethereum Down 6%, Crypto Red Wave Returns

News Feed - 2022-02-04 12:02:08

Bitcoin, Ethereum Technical Analysis: Ethereum Down 6%, Crypto Red Wave Returns


Bitcoin and ethereum saw recent losses extended on Thursday, as global cryptocurrency markets declined during today’s session. Solana was also in the red, trading nearly 15% lower today. Bitcoin


Following Wednesday’s drop in prices, BTC/USD declined for the second consecutive session, trading 5.25% lower as of writing.


This selloff saw prices hit an intraday low of $36,375.54, following a high of $38,437.68 during Wednesday’s market session.


As a result, the move saw bitcoin prices move closer to support of $35,000, which is a point it hasn’t reached since January 27.


In addition to this, the 14-day RSI once again dropped lower, this time falling below the mid-level floor of 35, creeping deeper into oversold territory in the process.


The RSI currently tracks at 34, however if this week’s momentum continues to extend downward, we could see this indicator hit as low as 29. BTC/USD – Daily Chart


Bulls may need to reassess short-term positions as there seems to be a re-emergence of the red wave. Ethereum


Following a strong start to February, which saw ethereum move to an 11-day high this past Tuesday, prices have now moved back toward bear territory.


ETH/USD initially broke out of the resistance level of $2,600 to start the week, however after two consecutive days of selling, it is once again back to trading at that level.


Prices fell to an intraday low of $2,589.55 during today’s session, dropping by as much as 6% in the process, with the RSI now tracking at 38. ETH/USD – Daily Chart


As of writing, ETH/USD appears to be using the current price point as support, with the RSI level of 37 also acting as a floor. Tags in this story Bitcoin, BTC, ETH, Ethereum, SOL, Technical Analysis


Will we see the selloff ease at these current levels? 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: Gamestop Partnership Sends IMX 35% Higher MARKET UPDATES | 5 hours ago Technical Analysis: Quant Climbs 20%, as Loopring Selloff Extends MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCoinbase Shares Declined 50% From All-Time High, Stock Follows Bitcoin’s Ups and Downs Next articleIndia’s Prime Minister Modi: Digital Rupee Will Strengthen Digital Economy, Revolutionize Fintech 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 ItJPMorgan Lowers Its Bitcoin Fair Price Estimate to $38K Amidst Volatility


Leading investment bank JPMorgan has changed its view on the estimate of bitcoin"s price on a long-term basis. The institution had estimated a long-term price of $146K back in November when bitcoin was over $60K. One of the most important ... read more.Nansen Report Highlights Growth of Defi and NFTs in 2021 Blockchain and Cryptocurrency Is "Here to Stay and Impossible to Regulate at Large" — CEO of a United Arab Emirates Based Bank Visa Partners With Over 65 Crypto Platforms — Crypto-Linked Card Usage Soars Despite Price Volatility Nigerian Crypto Firm Executive: Central Bank Prohibition Led to Growth in Crypto Awareness

News Feed

$20M bridged ETH returns to ZKasino multisig, raising hopes for a refund
Martin Young4 hours ago$20M bridged ETH returns to ZKasino multisig, raising hopes for a refundThe 6,021 wstETH recently moved back equates to around two-thirds of the amount that went missing in the exit scam.1042 Total
Spending a String of 20,000 BTC — 2 Bitcoin Whale Transactions Move Over $1.2 Billion
Spending a String of 20,000 BTC — 2 Bitcoin Whale Transactions Move Over $1.2 Billion On November 1, at block height 707,639, a blockchain parser caught two bitcoin whale transfe
US Manufacturing Crisis: Fastest Economic Deterioration Ever Recorded, Analyst Says
US Manufacturing Crisis: Fastest Economic Deterioration Ever Recorded, Analyst SaysThe US manufacturing activity has plunged to a record low, indicating that the country has entered
Decentralised Socialfi Platform Boom Live on App Store, Unveiling Two NFT Airdrops
Decentralised Socialfi Platform Boom Live on App Store, Unveiling Two NFT Airdrops sponsored Decentralised socialfi platform Boom has announced the launch of its application on theA
Solana near yearly high after 27% July gain and SOL price ‘double bottom’
Biraajmaan Tamuly3 hours agoSolana near yearly high after 27% July gain and SOL price ‘double bottom’Solana liquid staking tokens are increasing the network’s onchain activity as its TVL crosses $5.5 billion.650 To
Mt. Gox’s $9B overhang could ‘spook the market,’ pressure Bitcoin: K33
Felix Ng6 hours agoMt. Gox’s $9B overhang could ‘spook the market,’ pressure Bitcoin: K33“Mt. Gox coins could become a relevant negative price contributor in the next weeks,” say K33 Research analysts.3168 Tota
Russia’s Sber Bank Aims for Blockchain Integration With Ethereum and Metamask
Russia’s Sber Bank Aims for Blockchain Integration With Ethereum and Metamask Banking giant Sber wants to integrate its blockchain platform with the Ethereum blockchain and the M
Europe’s fourth largest hedge fund put nearly $500M in Bitcoin ETFs — Filing
Alex O’Donnell4 hours agoEurope’s fourth largest hedge fund put nearly $500M in Bitcoin ETFs — FilingOther hedge funds are also reporting sizable positions in Bitcoin exchange-traded funds.3930 Total views6 Total s
Chainlink Is In The Middle Of A Bullish Breakout – Analyst Sets $50 Target
Este artículo también está disponible en español. Chainlink (LINK) is navigating a turbulent market phase, recently experiencing an 11% decline after reaching a local hig
World Bank Predicts 3% Gold Price Growth, Expert Says a $3K per Ounce ‘Is More Likely Than Not’
World Bank Predicts 3% Gold Price Growth, Expert Says a $3K per Ounce "Is More Likely Than Not" The World Bank has said it expects the price of gold to rise by 3% in 2022 but warne
Tristan Greene5 hours agoToyota GR Cup will award digital trophies on Polygon blockchain to race winnersToyota continues its ongoing exploration into integrating blockchain technology within its corporate and development
Marcel Pechman3 hours ago3 steps crypto investors can take to avoid hacks by the Lazarus GroupThe Lazarus Group has mastered the art of stealing crypto investors’ assets. Here are a few tips on how investors can protec