Fun

Bitcoin, Ethereum Technical Analysis: ETH, BTC Down as Prices Fall at Key Resistance Levels  

News Feed - 2022-04-22 11:04:51

Bitcoin, Ethereum Technical Analysis: ETH, BTC Down as Prices Fall at Key Resistance Levels  


Following recent back-to-back surges in price, both ETH and BTC were down during Friday’s session. Bitcoin fell by almost 5% today, while ETH was down by a similar figure, with both retreating back towards levels of support. Bitcoin


After a strong rebound in prices mid-week, the world’s largest cryptocurrency was trading lower on Friday, as BTC fell to its support level.


Following a peak of $42,699.87 during Thursday’s session, BTC/USD fell to an intraday low of $40,063.83 earlier today.


This was marginally below the long-term floor of $40,100 for bitcoin, and comes as prices failed to break out of yesterday’s resistance at $42,700. BTC/USD – Daily Chart


Despite the break coming very close to occurring, this historical resistance point held firm, with bulls giving way to a bearish onslaught.


Price strength has also turned to weakness, with the 14-day RSI failing to break its own resistance of 48.77.


As of writing, this indicator is now trading at a floor of 42.85, and should this level break, then we could be in-store for a red wave this weekend.


Ethereum


The red wave may have already begun in the eyes of ETH bulls, as prices once again fell below support of $3,000.


Despite a recent run, which saw prices rise to as high as $3,187.93 less than 24 hours ago, ETH/USD slipped to a low of $2,962.41 today.


The world’s second-largest cryptocurrency moved below its long-term floor of $3,000 as a result, as prices once again consolidated. ETH/USD – Daily Chart


Just yesterday, markets were preparing for an extended bullish run, with traders targeting $3,300, with the more optimistic eyeing a $3,500 ceiling.


However, as with bitcoin, ETH failed to move past resistance, as bears re-entered the market in huge numbers at the $3,150 ceiling.


As a result of today’s drop, the 14-day RSI is also tracking at support, which means we could still see either an extension of today’s fall, or a rebound in price to begin the weekend tomorrow. Tags in this story Analysis, BTC, ETH


Could we see ETH and BTC continue to consolidate for the remainder of April? 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: Near, EOS and RUNE Fall During Friday"s Selloff MARKET UPDATES | 7 hours ago Biggest Movers: XMR Climbs to 6-Month High, TRX up 17% Following News of USDD Stablecoin MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleGoons of Balatroon (GOB) Raises $2.46M to Craft a Unique Free-to-Play-to-Earn (F2P2E) Card CoiGame Metaverse Next articlePayments Giant Stripe Rolls Out Pilot to Test Crypto Payouts With Twitter 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 ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year


The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike

News Feed

Turner Wright6 hours agoOpening arguments begin in Sam Bankman-Fried trial“His girlfriend will tell you how they stole money together,” said Assistant U.S. Attorney Thane Rehn in an opening statement about the former
Derek Andersen3 hours agoUS House Financial Services members scold Fed’s Powell for stablecoin bill obstructionThe committee members suspect the Fed is trying to hold up Congressional efforts to pass stablecoin legisla
Rakesh Upadhyay4 hours agoPrice analysis 10/13: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, DOT, MATICBitcoin trades in a predictable range, but will the sideways price action tempt altcoin traders to open new positions?104
Bitcoin Mining Pool Btc.com Suffers $3 Million Cyberattack
Bitcoin Mining Pool Btc.com Suffers $3 Million Cyberattack A major cryptocurrency mining pool has been hit by hackers earlier this month, the company who owns the pool revealed in
Dogecoin Whales Keep Buying – DOGE Metrics Reveal Demand Remains Strong
Este artículo también está disponible en español. Dogecoin has been navigating a period of choppy price action, with little opportunity for strategic buys and no decisive
Institutions are more bullish on Ether than retail ahead of ETH ETF launch
Zoltan Vardai10 hours agoInstitutions are more bullish on Ether than retail ahead of ETH ETF launchEther’s price could double during the 2025 bull cycle, thanks to increased institutional interest introduced by ETH ETF
South African Government to Add Crypto Entities to ‘List of Accountable Institutions’
South African Government to Add Crypto Entities to "List of Accountable Institutions" According to the South African government, crypto entities — or businesses whose activities
JPMorgan Boss Jamie Dimon Warns ‘Something Worse’ Than a Recession Could Be Coming
JPMorgan Boss Jamie Dimon Warns "Something Worse" Than a Recession Could Be Coming JPMorgan CEO Jamie Dimon has shared his predictions for the U.S. economy, including a chance of &
Spot Bitcoin ETFs set trading volume record amid BTC price high
Brayden Lindrea1 hour agoSpot Bitcoin ETFs set trading volume record amid BTC price highU.S.-based Bitcoin ETFs saw $10 billion in trading volume on March 5, beating last week"s $7.7 billion record.749 Total views2 Total
Martin Young3 hours agoMultichain’s ‘mysterious withdrawals’ have whiffs of a ‘rug pull’ — ChainalysisChainalysis told Cointelegraph that it was “describing it as a possible rug pull” based on an analysis
Tristan Greene12 hours agoXRP bucks trend as crypto assets experience 4th straight week of outflowsSolana slid into the outflow column this week as Bitcoin’s outflows streak continued.4138 Total views32 Total sharesLis
Web3 & Metaverse NFT Domains Now Available to Mint at Quik․com
Web3 & Metaverse NFT Domains Now Available to Mint at Quik․com sponsored Quik.com is offering NFT domains as a gateway pass for users to establish their very existence on the web