Fun

Bitcoin, Ethereum Technical Analysis: BTC, ETH Prices Mainly Unchanged to Start the Weekend

News Feed - 2022-04-16 09:04:09

Bitcoin, Ethereum Technical Analysis: BTC, ETH Prices Mainly Unchanged to Start the Weekend


Prices of ETH and BTC were mainly unchanged to start the weekend, as market activity slowed, mainly due to the Easter holiday. Price consolidation comes after a week of bearish pressure that sent the world’s two largest cryptocurrencies towards key support levels. Bitcoin


Bitcoin was once again trading marginally above the $40,000 level on Saturday, as markets remained quiet as a result of the Easter break.


BTC/USD rose to an intraday peak of $40,618.84 to start the weekend, following a low of $40,009.09 earlier in the session.


Recent price consolidation comes following a two-week streak which saw bitcoin lose close to $10,000 from its value. BTC/USD – Daily Chart


Typically, following a bullish or bearish trend within a relatively short span of time, markets will consolidate, as they prepare for either an extension of the initial move, or a change of direction.


Looking at the chart, the 14-day RSI continues to track below a key resistance level at 44, which seems to be the main hurdle preventing a resurgence of BTC bulls.


If recent sentiment continues, we may see some further declines back towards $39,600 prior to any upcoming extended gains.


Ethereum


ETH was also mainly unmoved during Saturday’s session, as the world’s second-largest cryptocurrency was tracking close to its price support.


Following an earlier low of $3,001.12, ETH/USD only marginally rose, hitting a peak of $3,046.20 as of writing.


This peak is around 0.49% higher than yesterday’s low, and sees price once again fail to make any significant gains following losses during the week. ETH/USD – Daily Chart


Since the beginning of the year, the price of ETH traded close to this $3,000 support level on four occasions, with bulls typically pushing prices higher.


On the occasions when price has traded around current level, we typically see no more than two days of consolidation, prior to a rally.


As of writing, prices are currently seeing the second day of consolidation, which could potentially tempt bulls to look at entries on Sunday. Tags in this story BTC, Easter, ETH Analysis


Could we see history repeat itself this weekend, to the benefit of ETH bulls? 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. Biggest Movers: WAVES, GMT, and EOS Among Big Gainers on Easter Weekend MARKET UPDATES | 10 hours ago Biggest Movers: XRP Hits 1-Week High, as NEAR Falls Again MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBrazilian Congress Aims to Pass Unified Crypto Framework in Coming Months Next articleArgentinians Are Now Using P2P Markets to Multiply Their Savings 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 ItUS Bond Markets Signal Economic Downturn, Trend Forecaster Says if War Ensues "Odds of Recession Increase"


As Americans continue to deal with rising inflation, on Tuesday the spread between 2-year and 10-year Treasury yields inverted, signaling the U.S. economy may be headed for a recession. This week, a myriad of financial reports have noted that the ... read more.Polygon Announces Zero-Knowledge Identity Platform for Web3 US Senator Cruz Introduces Bill to Prevent Federal Reserve From Using Digital Currency as Surveillance Tool Indian Government Consulting With IMF, World Bank on Crypto Policy Sanctions Motivate Russia to Create Own Crypto Market Infrastructure, Finance Ministry Says

News Feed

US House may vote to overturn Biden's SAB 121 veto next week
Brayden Lindrea7 hours agoUS House may vote to overturn Biden"s SAB 121 veto next weekWhile the House and Senate already voted to overturn SAB 121, it will need a two-thirds majority vote from both chambers to invalidate
Execs at crypto-friendly Evolve Bank leave amid regulatory crackdown: Report
Alex O’Donnell4 hours agoExecs at crypto-friendly Evolve Bank leave amid regulatory crackdown: ReportThe bank services several crypto-friendly financial technology companies.438 Total views5 Total sharesListen to artic
Third-Generation Blockchains Will Pick Up the Defi Slack Left by Ethereum
Third-Generation Blockchains Will Pick Up the Defi Slack Left by Ethereum With the ETH 2.0 upgrade still months, if not years, from a full launch, third-generation blockchain proto
Bitcoin, Ethereum Technical Analysis: BTC Consolidates as Markets Prepare for 0.75% Rate Hike
Bitcoin, Ethereum Technical Analysis: BTC Consolidates as Markets Prepare for 0.75% Rate Hike Bitcoin was consolidating below a key resistance level on Tuesday, as market volatilit
Ethereum Sees $1.4 Billion In Exchange Outflows This Week – Strong Accumulation Trend?
Este artículo también está disponible en español. Ethereum has faced a challenging start to the year, shedding 15% from its recent local highs and dipping to a low of $3,
Bitcoin, Ethereum Technical Analysis: ETH Rebounds on Friday, Climbing Above $1,700
Bitcoin, Ethereum Technical Analysis: ETH Rebounds on Friday, Climbing Above $1,700 Ethereum rose above $1,700, while bitcoin snapped a seven-day losing streak on Friday, with pric
Turner Wright5 hours agoShakeup at Polygon Labs: President will step down and chief legal officer will become CEOThe change in leadership came as the platform has been preparing a set of upgrades branded “Polygon 2.0
SBF Fights for Robinhood Shares — Says He Needs Them More Than FTX Customers Who Only Suffer ‘Possibility of Economic Loss’
SBF Fights for Robinhood Shares — Says He Needs Them More Than FTX Customers Who Only Suffer "Possibility of Economic Loss" Disgraced FTX founder Sam Bankman-Fried (SBF) is attem
Fractional NFT Markets See Significant Growth in 2021 as Market Cap Surpasses $200 Million
Fractional NFT Markets See Significant Growth in 2021 as Market Cap Surpasses $200 Million While the non-fungible token (NFT) economy has exploded in value, another sector of the N
Germany's Bitcoin wallet drops to 5,800 BTC after major sale
Amaka Nwaokocha18 minutes agoGermany"s Bitcoin wallet drops to 5,800 BTC after major saleWith 5,800 Bitcoin remaining, the German government has successfully sold 88.4% of the original 50,000.192 Total views1 Total share
David Attlee42 minutes agoTerraform Labs appoints new CEO from existing team: ReportChris Amani, a Terra employee since 2021, has reportedly been serving as the company’s CEO for months.218 Total views6 Total sharesLis
Viking Silver Found on Isle of Man Represents 1,000-Year-Old Analog Version of Bitcoin
Viking Silver Found on Isle of Man Represents 1,000-Year-Old Analog Version of Bitcoin Off the coast of the Irish Sea, humans have lived on the Isle of Man since