Fun

Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate After Monday’s Surge

News Feed - 2022-02-09 12:02:15

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

News Feed

Data Provider Messari Closes $4 Million Funding Round
Data provider Messari has closed a $4 million funding round led by Uncork Capital with new participation from Coinbase Ventures and former Coinbase CTO Balaji Srinivasan, according to a statement from the New York-based
Big Four Company KPMG to Examine New Business Models in the Metaverse
Big Four Company KPMG to Examine New Business Models in the Metaverse KPMG, one of the “big four” companies in the consulting and auditing business, is appointing a new
AscendEX New User Promotions: Reward Every Step of the Way
AscendEX New User Promotions: Reward Every Step of the Way press release PRESS RELEASE. New York, NY, November 11, 2022 – AscendEX, a leading global cryptocurrency exchange,
Bitcoin layer-2 staking offers a superior alternative to interest rates
Jonathan Hargreaves4 hours agoBitcoin layer-2 staking offers a superior alternative to interest ratesUnlike traditional interest rates, Bitcoin staking reward rates are determined by the users who participate rather than
Goldman Sachs Downgrades Coinbase to Sell Rating — Analyst Says Firm Needs to Make Cost Base Reductions
Goldman Sachs Downgrades Coinbase to Sell Rating — Analyst Says Firm Needs to Make Cost Base Reductions Analysts from the multinational investment bank and financial services com
Massive $2,000,000 Prize Pool in the Biggest Ever Promotion Launched on Bitcoin Games
Massive $2,000,000 Prize Pool in the Biggest Ever Promotion Launched on Bitcoin GamesOne lucky spin can propel your bet into a 5,000X multiplier, churning out huge amounts of money.
ZachXBT claims he is being ‘borderline harassed’ by US law enforcement
Ciaran Lyons8 hours agoZachXBT claims he is being ‘borderline harassed’ by US law enforcementIn an email screenshot shared by ZachXBT, an IRS criminal investigations agent asked if he could help him make the “bigge
Iran Legalizes Crypto Mining Within Days of a Chinese Plea for ‘Better Conditions’
Iran is legalizing crypto-mining, giving a boost to this activity which was already booming despite the unfavorable position of the authorities.According to the Iran Chamber of Comm
BTC Futures Open Interest Continues to Rise Following Bitcoin ETF Listings Last Month
BTC Futures Open Interest Continues to Rise Following Bitcoin ETF Listings Last Month Bitcoin futures open interest continues to remain high after the launch of the first bitcoin e
Billionaire ‘Bond King’ Jeffrey Gundlach Expects Fed to Raise Rates Next Week — ‘That Would Be the Last Increase’
Billionaire "Bond King" Jeffrey Gundlach Expects Fed to Raise Rates Next Week — "That Would Be the Last Increase" Billionaire Jeffrey Gundlach, aka the “Bond King,” e
Nasdaq asks to list options on spot Ethereum ETFs — Filing
Alex O’Donnell2 hours agoNasdaq asks to list options on spot Ethereum ETFs — FilingExchanges are still waiting on permission to list options on spot Bitcoin ETFs, too.587 Total views1 Total sharesListen to article 0:
US Turmoil and Negative Interest Rates – Billionaire Michael Novogratz Says ‘Watch Gold and Bitcoin’
US Turmoil and Negative Interest Rates - Billionaire Michael Novogratz Says "Watch Gold and Bitcoin"For the first time since October 2019, Federal Reserve Chair Jerome Powell admitt