Thursday, December 8, 2022

Bitcoin, Ethereum Technical Analysis: ETH Remains Close to 6-Week Low to Start the Weekend – Market Updates Bitcoin News

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Following a recent string of declines, ETH continued to hover close to a six-week low to start the weekend. BTC was also lower on Saturday, as the world’s largest cryptocurrency remained closer to a two-month low.

Bitcoin

BTC was once again trading lower on Saturday, as prices were battling to find a floor following Friday’s selloff.

After hitting an intraday low of $35,482.13 during yesterday’s session, BTC/USD was marginally higher, but still close to its two-month low.

Today’s session has so far seen BTC rise to a peak of $36,357.75, which is around 0.26% higher than yesterday’s low.

BTC/USD – Daily Chart

Crypto prices have sunk in the past three days, as markets reacted to the Fed’s interest rate decision, and the recent non-farm payrolls report.

Markets across the board have sold off, with the Dow Jones falling by over 1,000 points in recent days.

Many believe that this is a result of traders taking a risk off approach as inflationary pressures continue to grip participants with fear.

As of writing, BTC seems to have found an interim floor of $35,530, with some hoping this could be a launching point towards $37,000.

Ethereum

Saturday also saw ETH attempting to find a form of price support, as prices battled to move away from a six-week low.

Following three consecutive sessions of declines, the world’s second-largest cryptocurrency seemed to have found support at $2,660.

This potential support point comes after the price fell to a low of $2,645.34 on Friday, having since risen to a peak of $2,721.10.

ETH/USD – Daily Chart

This price drop comes as the 14-day RSI also hit a floor of its own, at the 39.10 level, which is the lowest point it has tracked at since last Saturday.

Bulls will be looking at what happened on March 16 for inspiration, when we saw a bounce from this current price point, leading to a nearly $1,000 price increase.

However, should this floor fail to hold, then bears will likely be targeting exits at $2,500.

Do you expect bulls or bears to reign supreme 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.




Image Credits: Shutterstock, Pixabay, Wiki Commons

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