Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate After Monday’s Surge
Crypto markets marginally consolidated on Tuesday, following yesterday’s price surge which saw bitcoin and ethereum both rally to multi-week highs. BTC climbed to $45,000, with ETH moving to $3,200. Bitcoin
Bitcoin prices were marginally below yesterday’s high, as profit takers look to have closed some of their positions.
BTC/USD rose to an intraday high of $45,293.87 during Monday’s session, however it’s tracking close to $43,354.61 today.
Yesterday’s move, which now looks like a false break, moved beyond its recent resistance of $43,770, en route to its highest point since January 5.
The moving averages of 10-days (red) and 25 days (blue) have crossed over on the upside, which many believe shows that the momentum may continue to surge until a true resistance is found. BTC/USD – Daily Chart
Should we see another swing, many could see this resistance as being close to the $50,000 level, which hasn’t been hit since late December.
As of writing, prices have continued to fall, with a doji being formed in today’s chart.
Ethereum
Following an intraday high of $3,219.47 on Monday, which was a three-week high, ETH was also consolidating during today’s session.
As of writing, ETH/USD fell to a low of $3,062.51 on Tuesday, as bulls liquidated positions in the world’s second largest cryptocurrency.
Ethereum now sits marginally above its old resistance level at $3,022, which seems to be forming a new floor.
The 14-day RSI has also dropped below its resistance level of 56, and is currently tracking around 54. ETH/USD – Daily Chart
Similar to BTC, moving averages have also experienced an upside cross, which may give long-term bulls the confidence to maintain positions, despite the current short-term volatility. Tags in this story Bitcoin, BTC, ETH, Ethereum, Technical Analysis
Will another ETH rally come this week? 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: LEO up 60% Today, SHIB Falls Lower Following Monday’s Gains MARKET UPDATES | 5 hours ago Technical Analysis: SHIB Climbs 50% Higher, as Meme Coin Hits $16 Billion Market Cap MARKET UPDATES | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSpanish Treasury Postpones the Definition of Crypto Tax Declaration Models Until Next Year Next articleFreedom Convoy Continues, Trudeau Begs Protestors to Stop, Fundraiser Raises $542K in Bitcoin 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 ItReport: Nvidia’s Lite Hash Rate Tech to Stop Crypto Miners "Was Pointless"
In mid-May 2021, the American multinational technology company Nvidia Corporation revealed that it added a hashrate limiter to curb the use of cryptocurrency mining with its graphics processing units (GPUs). However, crypto miners now say the move was pointless, and ... read more.Robinhood to Launch Crypto Trading Internationally — Sees "Immense Potential" in Crypto Economy Pop Star Justin Bieber Buys Bored Ape NFT for $1.29 Million, Pays More Than 300% Above Floor Apple on Metaverse: We See a Lot of Potential and Are Investing — CEO Tim Cook Says "It"s Very Interesting to Us" Nigerian Crypto Firm Executive: Central Bank Prohibition Led to Growth in Crypto Awareness