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Bitcoin, Ethereum Technical Analysis: BTC, ETH Prices Volatile Following Super Bowl

News Feed - 2022-02-15 12:02:32

Bitcoin, Ethereum Technical Analysis: BTC, ETH Prices Volatile Following Super Bowl


Cryptocurrencies were initially in the red to start the week, despite several crypto firms securing lucrative Super Bowl ad slots. Over 100 million viewers watched the “crypto bowl” advertisements, however bitcoin prices started lower on Monday. Bitcoin


BTC/USD is lower for a fifth consecutive session to start the week, as markets gave up all of last week’s gains.


BTC/USD fell to an intraday low of $41,681.96 on Monday, following a peak of $42,693.05 during Sunday’s session.


The recent decline in prices has pushed BTC closer to support of $40,800, a level it hasn’t hit since February 5.


Monday’s move comes as price strength has continued to slip, with the 14-day RSI falling below recent multi-month highs. BTC/USD – Daily Chart


As of writing, the Relative Strength Index is tracking at 55, a level which appears to be a short-term floor, however should it move above resistance of 56.43, bulls could re-enter.


Looking at the moving averages on 10-days and 25-days, we are starting to see a consolidation in momentum, as these trend lines begin to trend sideways.


Although it seems likely that the floor will be hit, long-term traders will likely look at buying this dip.


Ethereum


Ethereum was also lower to start the week, as bears continued to circle the world’s second largest cryptocurrency.


However, as the session progressed, prices slowly began to gain some bullish momentum, following the U.S. open.


As of writing, ETH was marginally higher, as prices were once again looking to trade above the $3,000 level.


ETH/USD hit an intraday low of $2,840.26 during the course of today’s session, however it climbed to a high of $2,957.96 shortly thereafter, which is 0.24% higher than Sunday’s high. ETH/USD – Daily Chart


This comes as the 14-day Relative Strength Index was marginally higher, and approaching its key resistance level of 51.


Similar to BTC, the moving averages on ETH/USD have begun to trend sideways, however, many still remain optimistic of a future rally, should we once again break the $3,022 resistance. Tags in this story Bitcoin, BTC, ETH, Ethereum, Super Bowl, Technical Analysis


Will we see an influx of new crypto traders following the Super Bowl? 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: MINA Monday’s Big Gainer, CRO Lower Despite Crypto.com"s LeBron Ad MARKET UPDATES | 4 hours ago Technical Analysis: AMP Surges, IOTX Lower After Friday"s Jump MARKET UPDATES | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleIndian Government Consulting With Central Bank RBI on Crypto — ‘There Is Complete Harmony’ Next articleLoud Market Music NFT Marketplace Launching 28th February 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 ItIndia Won"t Legalize or Ban Crypto at This Stage, Finance Minister Confirms


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