Fun

Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate to Start the Week

News Feed - 2022-09-05 10:09:28

Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate to Start the Week


Volatility in crypto markets remained high on Monday, as bitcoin was mostly in the red to start the week. The token has once again moved below $20,000, as prices appear to be consolidating. Ethereum was also trading sideways, with prices falling marginally below a key support level earlier in the day. Bitcoin


Bitcoin (BTC) started this week how it ended the previous, trading not only in the red, but also below $20,000.


The world’s largest cryptocurrency fell to an intraday low of $19,673.05 on Monday, as the post-nonfarm-payrolls-report bearish sentiment continued.


Today’s low saw BTC/USD briefly move close to its support point of $19,600, however bulls have so far resisted a move below this point. BTC/USD – Daily Chart


Looking at the chart, it appears as though the decline came as the 24-day relative strength index (RSI) failed to break through its own ceiling.


As of writing, the RSI is tracking at 35.84, which is below the aforementioned resistance point of 37.90.


In order for bitcoin to climb back above $20,000, this is likely a hurdle it must first overcome. Ethereum


Although ethereum (ETH) was once again trading below $1,600, prices were mostly higher than Sunday’s low.


ETH/USD hit a low of $1,540 during yesterday’s session, however it has rallied to a peak of $1,584.26 so far today.


The move takes ethereum closer to its recent resistance level of $1,615, which appears to be an area of sizable uncertainty. ETH/USD – Daily Chart


This level of volatility has been heightened by the fact that the RSI is also near a similar point of resistance, as the index currently tracks at 48.00.


As seen from the chart, bears typically opt to reenter at this point, hoping to capitalize on bulls hoping for a breakout.


Like with bitcoin, should ETH bulls intend to send prices surging, they will first need to move past these current points of contention.


Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum


Do you expect ethereum to move closer to $2,000 during September? 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: DOT, LINK Rise to Multi-Week Highs on Monday MARKET UPDATES | 8 hours ago Crypto Economy Loses $102 Billion in 30 Days — BTC, SOL Shed the Most Losses MARKET UPDATES | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleRussian Arrested for Defrauding Buyers of Mining Hardware Worth Over $300,000 Next articleAnother 5,000 Bitcoin Sourced From Mt Gox Wake up After Close to 9 Years of Dormancy 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 ItNFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales


Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% ... read more.SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher

News Feed

Turner Wright2 hours agoPro-crypto lawmaker Tom Emmer ends hours-long speaker campaign: ReportThe Minnesota congressman was one of only a few crypto proponents in Congress being considered as a possible speaker of the Ho
‘Wolf of Wall Street’ Jordan Belfort Expects Bitcoin and Ethereum to Be ‘Substantially Higher’ Despite FTX Collapse
"Wolf of Wall Street" Jordan Belfort Expects Bitcoin and Ethereum to Be "Substantially Higher" Despite FTX Collapse Jordan Belfort, aka the Wolf of Wall Street, expects bitcoin and
Best Wallet Low Cap Coin Raises $7.6M as XRP Nears All-Time High and Market Prepares for Bull Run
Look out, here comes XRP! In the wake of the US presidential elections, XRP’s engine began to rev. Now, with the inauguration of President Trump only hours away, XRP is taking off! XRP Rides To Near All-Time High
Materium (MTRM) Is Now Available for Trading on LBank Exchange
Materium (MTRM) Is Now Available for Trading on LBank Exchange press release PRESS RELEASE.INTERNET CITY, DUBAI, Sep. 8, 2022 – LBank Exchange, a global digital asset trading
Ether investment products record largest outflows since 2022
Ana Paula Pereira3 hours agoEther investment products record largest outflows since 2022Large outflows from Ether funds contrast with movements seen in Bitcoin and other cryptocurrencies.776 Total views4 Total sharesList
European Union to Regulate Stablecoins, Not Issue Its Own: Source
The European Union is taking a closer look at how to regulate stablecoins, but has no plans to issue one of its own. A group within the EU presidency is working on a draft political
Technical Analysis: Gamestop Partnership Sends IMX 35% Higher
Technical Analysis: Gamestop Partnership Sends IMX 35% Higher Immutable X avoided Thursday’s red wave, and was one of this week’s biggest crypto gainers, following ne
Derek Andersen7 hours agoGaming gear maker Razer hacked, user data, encryption keys for sale online: ReportThe Singapore-U.S. gaming company has responded to reports of 404,000 emails, keys, logins and other info for sal
Jesse Coghlan3 hours agoAustralia’s Bendigo Bank blocks high-risk payments to crypto exchangesChainalysis policy lead Chengyi Ong warned crypto users may eventually have no choice but to deal with offshore unregulated
Dogecoin Forms Ascending Triangle On Daily Chart, Here’s The Target
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
‘Cast a vote, but don’t join a cult’ — Edward Snowden at Bitcoin 2024
Turner Wright2 hours ago‘Cast a vote, but don’t join a cult’ — Edward Snowden at Bitcoin 2024The former National Security Agency contractor did not name any particular US or international lawmakers but warned man
Billion Dollar Bitcoin Lawsuit Verdict Appealed — Self-Proclaimed Bitcoin Inventor Expects a Win
Billion Dollar Bitcoin Lawsuit Verdict Appealed — Self-Proclaimed Bitcoin Inventor Expects a Win The law firm representing Ira Kleiman has sent a notice of appeal to the Florida