Bitcoin, Ethereum Technical Analysis: BTC Below $17,000, as ETH Nears $1,200 Breakout

Bitcoin fell beneath $17,000 connected Dec. 16, arsenic bearish unit continued to intensify pursuing yesterday’s disappointing U.S. retail income figures. Sales successful the United States were down by 0.6%, which quality came little than 24 hours aft the Federal Reserve moved to hike involvement rates. Ethereum moved person to the $1,200 level successful today’s session.

Bitcoin

Bitcoin (BTC) fell beneath $17,000 successful today’s session, arsenic markets continued to respond to past month’s retail income data.

As retail income successful the United States disappointed, BTC/USD slipped to an intraday debased of $16,997.54 earlier successful the day.

This comes little than a time aft prices were nearing a breakout of $18,000, hitting a highest of $17,725.88 successful the process.

BTC/USD – Daily Chart

Looking astatine the chart, bearish unit intensified pursuing a breakout of a level astatine $17,200, with the terms present trading $17,023.22.

This flimsy reversal comes arsenic the 14-day comparative spot scale (RSI) moved adjacent to a enactment constituent of 45.00.

The scale is presently tracking astatine the 47.05 level, and should terms spot deed the aforementioned floor, BTC could onshore astatine $16,800.

Ethereum

Ethereum (ETH) was besides little connected Friday, arsenic the world’s 2nd largest cryptocurrency fell person to the $1,200 mark.

ETH/USD deed a bottommost of $1,210.35 earlier successful the day, which comes aft trading astatine a precocious of $1,291.32 connected Thursday.

Today’s driblet sees ethereum determination little for a 3rd consecutive session, breaking retired of a cardinal absorption level of $1,230 successful the process.

ETH/USD – Daily Chart

As of writing, ETH is astir 5% little than yesterday’s peak, with the RSI tracking astatine 43.50, which is adjacent a cardinal floor.

This constituent of enactment is astatine the 42.00 mark, and hasn’t been reached since November 28, erstwhile ETH was beneath $1,200.

Should terms spot proceed to caput towards this bottom, determination is simply a beardown anticipation that ethereum volition beryllium trading nether $1,200.

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Could we spot ethereum bulls reenter the marketplace this weekend? Leave your thoughts successful the comments below.

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