Bitcoin Ethereum Technical Analysis and ETH Remains Above dollar three three thousand four hundred Despite Bullish Momentum Slowing
Categories: Crypto News
Ethereum was trading above the $3,400 level for a third consecutive session, however bullish momentum has somewhat eased, as market uncertainty has gradually risen. With prices trading near resistance levels, bulls have pulled back, giving way to bears looking at re-entering the market.
Bitcoin
Bulls in BTC have also pulled back, as prices continue to hover close to recent resistance levels, with some fearing price reversals. Following a high above $48,100 earlier in the week, BTC/USD traded at an intraday low of $46,620.72 during today’s session. Bitcoin has climbed by as much as 10% in the last week, however this momentum has eased, leading to consolidation. Some believe we could see this reversal in price strength take us back towards the $45,000 level, but this could be a short-term retreat as bulls continue to target $50,000.Looking at the chart, the 14-day RSI has also begun to tail off, and is now close to its floor of 61, however should it not break below this level, bulls may continue to hold onto some hopes of a return to upside action. The current move looks similar to what took place in early January, when prices were last trading at the current resistance below $48,000.
Ethereum
ETH traded above $3,400 for the third day running, as there appeared to be more bulls still holding on to positions than in BTC.As of writing, ETH/USD is trading 0.04% lower, as prices hit an intraday low of $3,359.95, which is marginally higher than yesterday’s low.Typically, when there is a streak of higher lows during a falling market, it signals consolidation, prior to an extension of a bullish streak. This is likely what remaining ETH bulls are hoping for, despite price strength still hovering in overbought territory. As of writing, the 14-day RSI is sitting at 70.9, which is still close to multi-month highs, however moving averages are yet showing signs of further bullish pressure, both in the short and long term.
Bitcoin Technical Analysis:
Bitcoin is the most predominant cryptocurrency in the market, and its value developments can frequently influence the general course of the crypto market. Here are some Technical Analysis markers to consider:
Moving Averages: Bitcoin has been known to be vigorously impacted by its 50-day and 200-day moving midpoints. On the off chance that the cost is exchanging above both of these moving midpoints, it very well might be viewed as a bullish pattern, though in the event that the cost falls underneath these midpoints, it very well may be a negative sign.
Relative Strength Index (RSI): The RSI is a force pointer that actions the greatness of late value changes to assess overbought or oversold conditions. On the off chance that the RSI is over 70, it very well may be an indication that the cost is overbought, and in the event that it's under 30, it very well may be oversold.
Fibonacci Retracement: Fibonacci retracement levels are frequently utilized by brokers to recognize key degrees of help and obstruction. These levels depend on the Fibonacci grouping and can be utilized to distinguish potential cost focuses for merchants.
Ethereum Technical Analysis:
Ethereum is the second-biggest cryptocurrency by market capitalization, and its specialized examination can be impacted by different variables, including the developing reception of decentralized applications (dApps) and the Ethereum 2.0 update. Here are some specialized examination markers to consider:
Moving Averages: Like Bitcoin, Ethereum can likewise be impacted by its 50-day and 200-day moving midpoints. In the event that the cost is exchanging above both of these moving midpoints, it very well may be viewed as a bullish pattern, though on the off chance that the cost falls underneath these midpoints, it very well may be a negative sign.
Relative Strength Index (RSI): Similarly as with Bitcoin, the RSI is likewise a helpful pointer for Ethereum. Assuming the RSI is over 70, it very well may be an indication that the cost is overbought, and on the off chance that it's under 30, it very well may be oversold.
Elliott Wave Theory: Elliott Wave Theory is a famous strategy used to break down market cycles and patterns. As per this hypothesis, markets will quite often move in waves, and brokers can utilize these waves to recognize potential cost targets.
In general, it's memorable's vital that technical analysis is only one device in a broker's stockpile and ought to be utilized related to other examination strategies, like central examination, to pursue informed exchanging choices.