Bitcoin, Ethereum technical Analysis: BTC, ETH Lower, Ahead of Key Week of US Economic Data
Bitcoin retreated from the recent five-month high on Tuesday and declined below the $23000 mark in today’s session. Bitcoin fell to a low of $22,657.58 earlier in the day and appears to have recovered from its high of $23,296.53 in less than 24 hours.
The move has apparently been taken as traders seem to have definitely taken advantage of the recent price increase ahead of the upcoming Federal Reserve decision. As we can see on the chart, today’s decline has seen bitcoin making a price low of $22500 and the Relative Strength Index itself has made a floor.
Currently, we can see the index now tracking at 68.78 which is marginally above its long term support found at 68.00. However, a ceiling of 77.00 could be a target for the bulls who rejected the earlier break out and it is likely that the price may remain firm till the fundamentals clear this week.
Ethereum (ETH) was also in the red in today’s session as its price traded below $1600. After hitting a high of $1,595.86 to start the week, ETH/USD sees us moving to a low of $1,546.66 on Tuesday and after reaching a 4-month high of $1680 on January 21, the world The second largest cryptocurrency has consolidated and many in the market have noticed that the Relative Strength Index was hovering between 70.00 and 87.00 after the price became somewhat overbought. Prices have since become even more bearish and at the time of writing, the index is currently tracking at 57.02. ETH has already rebounded from the earlier climb and is currently trading at $1,571.37, with the bulls sure to run towards the $1,600 area.