Tuesday, December 6, 2022

Bitcoin, Ethereum Technical Analysis: BTC Rebounds, Moves Away From 1-Month Low – Market Updates Bitcoin News

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Market uncertainty in crypto was once again higher on Thursday, as traders continue to anticipate next week’s Fed decision. Following a drop to a one-month low during Wednesday’s session, BTC rebounded, with prices now hovering below $40,000. ETH also rallied, attempting to break out of the $2,950 resistance level.

Bitcoin

BTC was back in the green on Thursday, as bulls bounced back following yesterday’s drop, which sent prices to a one-month low.

Wednesday saw BTC/USD trade at a bottom of $38,555.90, however the momentum swung today, with prices hitting an intraday high of $39,798.51.

This rebound saw the world’s largest cryptocurrency move past its long-term resistance level of $39,700, prior to tailing off.

Bitcoin, Ethereum Technical Analysis: BTC Rebounds, Moving Away From 1-Month Low
BTC/USD – Daily Chart

Gains eased as historic uncertainty crept up on bulls, with some opting to take profits for now, rather than attempting to break through $40,000.

Looking at the chart, the 14-day RSI also broke through its own resistance of 43, after a brief stint below 40, and is now tracking towards a higher ceiling of 45 .

Today’s bulls, who have not given up earlier positions, will likely look at that 45 RSI level as an ideal point to exit, when price will likely be above $40,000.

Ethereum

Thursday was also favorable for ETH bulls, as its long-term support level of $2,780 once again proved to be sturdy enough to avoid a break.

ETH/USD climbed to a high of $2,939.98 earlier in today’s session, which comes after the price fell to a low of below $2,800 on Wednesday.

Moving away from its recent floor, today’s surge saw price move closer to resistance, however the rally wasn’t strong enough to break the $2,950 ceiling.

Bitcoin, Ethereum Technical Analysis: BTC Rebounds, Moving Away From 1-Month Low
ETH/USD – Daily Chart

As of writing, the world’s second-largest token is trading marginally above $2,900, with relative strength also facing some obstacles.

Looking at the chart, the RSI is tracking at 43.70, which is slightly under its ceiling of 44.20, and this will likely be the main hurdle in the way of further gains.

If this fence were to be cleared, we will likely be talking about ETH tracking not only above $3,000, but heading towards $3,100.

Is next week’s Fed rate decision impacting the moves of crypto traders? 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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