Bitcoin, Ethereum Technical Analysis: ETH Marginally Higher as BTC Consolidates on Friday
ETH was marginally higher during Friday’s session, as it moved away from its recent support level around $3,145. BTC on the other hand mostly consolidated today, as prices mainly traded close to the $43,000 region. Bitcoin
Friday saw BTC fall for a fourth straight session, as prices continued to reach lower lows throughout the course of this week.
Following a low of $42,899.91 during Thursday’s session, BTC/USD dropped below this point, hitting a bottom of $42,884.58 today.
This drop sees BTC continuing to trade close to a two-week low, and comes as the floor of $42,500 remains intact. BTC/USD – Daily Chart
Should we see this level breached, then price could potentially fall to as low as $40,600, which looks like it could be the next support point, beyond the existing one.
Looking at the chart, short-term momentum in BTC has now firmly shifted, with the 10-day red moving average now firmly pointing downwards.
Price strength is also lower, with the RSI tracking at 45.80, which is its lowest point since March 13, and it looks likely to be heading to 44, which is not good news for bulls.
Ethereum
Following a drop towards its long-term support point of $3,145 on Thursday, ETH somewhat rose on Friday, to avoid a breakout.
ETH/USD is trading above the $3,200 level for the majority of today’s session thus far, after hitting a high of $3,301.61.
Although gains have eased from earlier peaks, ETH is still higher than yesterday’s bottom of $3,157.91, which was an eleven-day low. ETH/USD – Daily Chart
Similar to BTC, the 10-day moving average is also now downward-facing, however while bitcoin has fallen by 5% in the last week, ETH is trading 2.5% lower in the same period.
The 14-day RSI continued to trade near its three-week low of 50.14, however, an upcoming ceiling at 55 could cut today’s gains short.
Overall, market uncertainty remains heightened in ETH, with both bulls and bears cautious about their next potential move. Tags in this story Analysis, Bitcoin, BTC, ETH, Prices, Technical Analysis
What do you believe is causing this recent uncertainty in markets? 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 Surges by Over 25% on News of an Upcoming Stablecoin MARKET UPDATES | 7 hours ago Biggest Movers: ETC Biggest Gainer in Top 30 on Thursday, ZEC Also Rises MARKET UPDATES | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleTreasury Secretary Yellen Says Crypto Regulation Should Support Responsible Innovation, Manage Risks Next articleRobinhood Crypto Wallets Rolled Out to Over 2 Million Customers 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 ItLeading NFT Marketplace Opensea to Add Solana Support in April
The largest non-fungible token (NFT) marketplace Opensea has plans to add Solana support in April. The news follows an abundance of rumors that said the company would be adding Solana in the near future. Opensea Confirms Solana Support After a ... read more.19 Million Bitcoin Have Been Mined Into Circulation, 2 Million Left to Be Found US Senator Cruz Introduces Bill to Prevent Federal Reserve From Using Digital Currency as Surveillance Tool Sanctions Motivate Russia to Create Own Crypto Market Infrastructure, Finance Ministry Says With Over 90% of BTC"s Supply Issued, Bitcoin"s Mining Difficulty Reaches a Lifetime High