Bitcoin, Ethereum Technical Analysis: ETH Back Under $2,000 as Balenciaga Gains Lose Steam
Following strong gains to start the week, BTC once again fell under $30,000, as crypto prices moved lower on Tuesday. The downturn follows up from yesterday’s rally, which came as Balenciaga announced it would be accepting crypto payments. ETH also dropped, falling under $2,000 today. Bitcoin
Bitcoin fell under $30,000 on Tuesday, as bears returned to action following a green start to the week.
Following a high of $30,547.50 during Monday’s session, BTC/USD fell to an intraday low of $28,975.56 earlier today.
Today’s drop saw BTC fall by over 5% in the day, as bullish sentiment following the Balenciaga crypto announcement faded. BTC/USD – Daily Chart
Since then, bears have now pushed prices closer to support at $28,800, which is an area where BTC has resided over the past few weeks.
Looking at the chart, the 14-day Relative Strength Index is also under resistance at 38, which seems to be another contributing factor to today’s decline.
Like we have discussed in recent days, unless there are significant increases or decreases in relative strength, then markets will likely continue to consolidate.
Ethereum
Yesterday’s bullish sentiment also wore off for ETH, which once again fell below the $2,000 level following promising gains.
The world’s second-largest cryptocurrency dropped to an intraday low of $1,964.39 on Tuesday, which is just over 4% lower than yesterday’s top.
ETH/USD is now just over $10 away from support of $1,950, following today’s sell-off, which pushes prices back toward the long-term floor. ETH/USD – Daily Chart
A promising sign for ETH is that the 10-day moving average is heading sideways, which normally is a signal of future upwards crosses.
So although we are currently consolidating, bulls will likely be preparing for a breakout, as soon as upward momentum picks up. Tags in this story Analysis, BTC, ETH
Could we see a breakout before the end of this month? 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: SOL, NEAR Fall Over 10% During Tuesday"s Session MARKET UPDATES | 7 hours ago Biggest Movers: FTM, ETC Lead Crypto Gainers to Start the Week MARKET UPDATES | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSTEPN’s GMT Token Supported by Alchemy Pay for Real-World Spending Next articleBiggest Movers: SOL, NEAR Fall Over 10% During Tuesday’s Session 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 ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms