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Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate as June Kicks Off

News Feed - 2022-06-01 10:06:13

Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate as June Kicks Off


Following yesterday’s gains, both bitcoin and ethereum consolidated on Wednesday, as bullish momentum eased. After rallying above $32,000, BTC moved marginally lower during the hump-day session, while ETH once again fell below $2,000. Bitcoin


BTC was trading lower on hump-day, as bullish sentiment slightly faded, following yesterday’s price surge.


Following a move to a nearly three-week peak of $32,249.86 on Tuesday, BTC/USD dropped to a bottom of $31,286.15 earlier today.


This drop comes as bitcoin bulls likely decided to liquidate positions, despite prices climbing over the recent resistance of $30,500. BTC/USD – Daily Chart


Typically after such a breakout — especially after weeks of consolidation — momentum extends, however bulls seem uncertain about further increases, hence why some have abandoned positions.


Looking at the chart, this may be due to the fact that they spotted the ceiling on the 14-day RSI of 51, which hasn’t been broken in three months.


However, should relative strength move beyond this area, then we will likely see a surge heading towards $34,000.


Ethereum


Like BTC, ethereum also moved lower on Wednesday, with prices moving below $2,000, and back towards a long-term support/resistance level.


ETH/USD dropped to an intraday low of $1,918.96 earlier in today’s session, which is a level that has acted as both support and resistance in recent weeks.


This drop in prices sees the world’s second largest cryptocurrency now trading roughly 1.59% lower than yesterday’s peak around $2,016. ETH/USD – Daily Chart


Following a brief breakout of its ceiling at 44.50 on the Relative Strength Index, many were expecting that prices would continue to climb.


However, this momentum eased for the reasons discussed above, leading to some choosing to secure earlier gains, and wait for future entries.


Once this 44.50 level is eventually crossed, we will likely see a move towards a higher ceiling of 50, which could see ETH trading close to $2,150. Tags in this story Analysis, Bitcoin, ETH, Prices


Will we see ETH continue to consolidate in this first week of June? Leave your thoughts in the comments below. Eliman Dambell


Eliman brings a eclectic 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: TRX Moves Towards 7-Month High as KSM Extends Recent Gains MARKET UPDATES | 8 hours ago Biggest Movers: WAVES Nearly 60% Higher, as AXS Surges Close to 25% in Today"s Session MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSingapore’s Deputy Prime Minister Advises Retail Investors to Steer Clear of Cryptocurrencies Next articleCardano Spikes as Supporters Anticipate Vasil Hard Fork, Poll Shows ADA Expected to Hit $1 by the End of June 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 ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days


Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

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