Bitcoin, Ethereum Technical Analysis: ETH Lower, as USD Gains Following Strong Q3 Earnings
Ethereum was back below the $1,300 level on Wednesday, as the U.S. dollar rose following better than expected quarterly earnings. So far this earnings season, Netflix, Bank of America, and others have outperformed expectations, highlighting what some view as the resilience of the U.S. economy, despite the global slowdown. Bitcoin was also back in the red. Bitcoin
Bitcoin (BTC) was trading lower on Wednesday, as prices continued to decline following a failed breakout of a resistance at $19,550.
Following a high of $19,655.75 on Tuesday, which saw BTC/USD move past the aforementioned ceiling, prices slipped to a low of $19,144.77 earlier today.
Wednesday’s drop sees the token move closer to a breakout below $19,000, with bears likely targeting a floor of $18,900. BTC/USD – Daily Chart
Bearish sentiment has largely been present during what many are calling “red October,” with BTC trading below $20,000 for the majority of the month thus far.
Looking at the chart, the 10-day (red) moving average has extended its downward cross with the 25-day (blue), which could be a sign of further declines to come.
In addition to this, the 14-day relative strength index (RSI) is tracking at 45.50, on its way to a floor at the 44.00 point. Ethereum
Like BTC, ethereum (ETH) fell for a second consecutive day, as the token moved below the $1,300 level.
Earlier in yesterday’s session, the token was trading above a ceiling of $1,330, however after failing to sustain a breakout, bears reentered the market.
The world’s second largest cryptocurrency fell to an intraday low of $1,291.66, a day removed from hovering at a high of $1,332.49. ETH/USD – Daily Chart
As can be seen from the chart, today’s decline in ETH comes as the 14-day RSI continued to fall from its own ceiling of 46.80.
Currently, the index is tracking at 43.47, with the next visible point of support close to the 36.00 region.
Should price strength continue to deteriorate, we could soon see ethereum move further into bearish territory.
Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, ETH, Ethereum
Could we see ethereum fall below $1,300 this week? Leave your thoughts in the comments below. Eliman Dambell
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Biggest Movers: XMR Moves to 10-Day High, AAVE Remains Near 5-Week Peak MARKET UPDATES | 8 hours ago Biggest Movers: MATIC Climbs to 5-Week High, ATOM Extends Recent Gains MARKET UPDATES | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleEswatini Central Bank Partners With German Firm to Explore CBDC Next articleBTC Whale Transfers $940 Million Out of Coinbase — 3 Batches of ‘Sleeping Bitcoins’ From 2011 Move 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 ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin