Bitcoin, Ethereum Technical Analysis: BTC, ETH Drop as Key Resistance Levels Hold
Bitcoin fell lower on Friday, as the token slipped below a key resistance level during today’s session. Following a mini rally in price this week, bitcoin bears returned to action, as volatility in the market increased. Ethereum was also lower, falling back below $1,700. Bitcoin
Following a mini rally this week, bitcoin (BTC), was back in the red on Friday, as the token slipped below a key resistance point.
The world’s largest cryptocurrency fell to an intraday low of $21,171.79, which is nearly $600 lower than Thursday’s high at $21,744.87.
Today’s decline comes as market sentiment once again shifted to bearish territory, following a breakout attempt at the $21,600 price ceiling. BTC/USD – Daily Chart
Although BTC/USD did marginally climb beyond that point, bulls opted not to maintain earlier positions, choosing to secure gains instead.
This was a signal to bears, who reentered the market, and now look set to send bitcoin closer to a floor at $20,800.
As of writing, there is slight hope that today’s sell-off will ease, and this comes as the 14-day relative strength index (RSI) has hit a support level of 44.80.
Should this hold, then we could see BTC rally during the upcoming weekend. Ethereum
Ethereum (ETH) was also trading lower on Friday, as the token dropped back below $1,700, as sentiment surrounding The Merge event marginally faded.
So far today, ETH/USD has declined to a low of $1,628.17, which is roughly $90 below its high of $1,718.18 on Thursday.
Like with bitcoin, Friday’s move comes as ethereum bulls failed to sustain a breakout of a key price ceiling. ETH/USD – Daily Chart
Looking at the chart, the ceiling was the $1,705 point, however bearish traders now appear to be targeting a support of $1,550.
The 10-day (red) moving average has now extended its downward trend versus its 25-day (blue) counterpart, with the RSI also weakening.
Currently, the index is tracking at 45.58, however it seems to be heading towards a floor at 42.30, which will likely be enough to take ETH back below $1,600.
Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum
How low do you expect ethereum to fall this weekend? 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: AAVE, ADA Remain Near 1-Week Highs on Friday MARKET UPDATES | 8 hours ago Biggest Movers: SHIB Bounces From Key Price Floor, Climbing to 1-Week High MARKET UPDATES | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons, Akif CUBUK / Shutterstock.com Previous articleThe Card Battle Heats Up in Latam, as Ripio and Bitso Both Announce Crypto-Enabled Cards Next articleReport Claims Russia and Iran Plan to Establish a Global Gas Cartel, Moscow to Launch Its Own Precious Metals Exchange 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 ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether