Sunday, November 27, 2022

Bitcoin, Ethereum Technical Analysis: ETH, BTC Down as Prices Fall at Key Resistance Levels   – Market Updates Bitcoin News

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Following recent back-to-back surges in price, both ETH and BTC were down during Friday’s session. Bitcoin fell by almost 5% today, while ETH was down by a similar figure, with both retreating back towards levels of support.

Bitcoin

After a strong rebound in prices mid-week, the world’s largest cryptocurrency was trading lower on Friday, as BTC fell to its support level.

Following a peak of $42,699.87 during Thursday’s session, BTC/USD fell to an intraday low of $40,063.83 earlier today.

This was marginally below the long-term floor of $40,100 for bitcoin, and comes as prices failed to break out of yesterday’s resistance at $42,700.

Bitcoin, Ethereum Technical Analysis: ETH, BTC Down as Prices Fall at Key Resistance Levels
BTC/USD – Daily Chart

Despite the break coming very close to occurring, this historical resistance point held firm, with bulls giving way to a bearish onslaught.

Price strength has also turned to weakness, with the 14-day RSI failing to break its own resistance of 48.77.

As of writing, this indicator is now trading at a floor of 42.85, and should this level break, then we could be in-store for a red wave this weekend.

Ethereum

The red wave may have already begun in the eyes of ETH bulls, as prices once again fell below support of $3,000.

Despite a recent run, which saw prices rise to as high as $3,187.93 less than 24 hours ago, ETH/USD slipped to a low of $2,962.41 today.

The world’s second-largest cryptocurrency moved below its long-term floor of $3,000 as a result, as prices once again consolidated.

Bitcoin, Ethereum Technical Analysis: ETH, BTC Down as Prices Fall at Key Resistance Levels
ETH/USD – Daily Chart

Just yesterday, markets were preparing for an extended bullish run, with traders targeting $3,300, with the more optimistic eyeing a $3,500 ceiling.

However, as with bitcoin, ETH failed to move past resistance, as bears re-entered the market in huge numbers at the $3,150 ceiling.

As a result of today’s drop, the 14-day RSI is also tracking at support, which means we could still see either an extension of today’s fall, or a rebound in price to begin the weekend tomorrow.

Could we see ETH and BTC continue to consolidate for the remainder of April? Leave your thoughts in the comments below.

eliman@bitcoin.com'
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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