Bitcoin, Ethereum Technical Analysis: Crypto Uncertainty Continues, as BTC Drops Again
Crypto prices continued to seesaw on Friday, as both bitcoin and ethereum fell into the red, after a short lived rally on Thursday. Bitcoin was once again below $40,000 during the session, while ethereum extended its recent spell of trading below $3,000. Bitcoin
Bitcoin (BTC) once again fell below the $40,000 level on Friday, following a short stint in the green during yesterday’s session.
Following a peak of $40,269.47 on Thursday, BTC/USD fell to an intraday low of $38,698.16 earlier today.
This comes as BTC was unable to climb above resistance of $40,500, as bullish momentum eased, which was likely a result of traders closing positions. BTC/USD – Daily Chart
Now that we are back in the red, the first thought would be for how long, with some likely to be targeting the $37,570 floor as a potential exit point.
Looking at the chart, the 14-day RSI has also changed course, and is now tracking at a floor of its own marginally below 43.
If price strength were to continue to fall beyond this point, we could see this shift in momentum entice even more bears to re-enter the market.
Ethereum
Bears, however, were already back in ethereum (ETH), as the world’s second largest cryptocurrency fell on Friday, following two days of gains.
ETH/USD found a bottom of $2,841.23 earlier today, as prices continued to trade below $3,000 for a third consecutive session.
Thursday saw ETH climb to a peak of $2,973.13, however, these gains were unable to continue following a breakout of the $2,950.00 ceiling. ETH/USD – Daily Chart
As of writing this, ethereum is currently down by 1.08%, and is trading at $2,872.80, with bears likely targeting a floor of $2,780.
Should this floor be hit in the next few sessions, we would see ETH ending the week, at the same level it started, for the second week in a row.
Overall, crypto markets continue to be volatile, with some putting the current uncertainty down to the outcome of the upcoming Fed rate hike decision. Tags in this story Analysis, Bitcoin, Bitcoin (BTC), BTC, Crypto Prices, ETH, Ethereum (ETH), Markets, Prices, Technical Analysis
Could we see ethereum rally beyond $3,000 at some point this weekend? 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: NEXO up Nearly 50% After Binance Listing, While TRON Climbs to 1-Week High MARKET UPDATES | 9 hours ago Biggest Movers: STEPN GMT Remains Close to Record Highs, as GRT and CAKE Trade Higher MARKET UPDATES | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCentral Bank of Cuba Introduces Specific Virtual Asset Service Providers Regulation Next articleFaith Tribe Offers Its Own Native Token $FTRB to Buy Physical Fashion Wear Through Digital Mediums 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 ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales 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 Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method