Bitcoin, Ethereum Technical Analysis: BTC Consolidates, ETH Avoids Falling Below $1,600 on Labor Day

Sentiment successful bitcoin remained bearish to commencement the week, arsenic the cryptocurrency remained beneath $26,000 connected Monday. Market measurement was comparatively debased successful today’s session, arsenic a effect of the U.S. Labor Day celebration. Ethereum was somewhat higher, arsenic the terms managed to stay supra $1,600.

Bitcoin

Bitcoin was trading beneath $26,000 connected Labor Day, arsenic measurement successful the cryptocurrency marketplace was mostly lower.

BTC/USD slipped to an intraday debased of $25,817.03 to commencement the week, pursuing a precocious of $26,087.15 the time prior.

The diminution pushed bitcoin person to a collision with enactment astatine $25,600, nevertheless bulls person truthful acold rejected this retracement.

This comes arsenic the 14-day comparative spot scale (RSI) recovered a level of its ain astatine the 35.00 mark, helping to easiness the bearish pressure.

At the clip of writing, the scale is present tracking astatine 37.16, with the adjacent disposable absorption constituent astatine 43.00.

In the lawsuit that this ceiling is broken, BTC bulls volition apt marque advancements towards $28,000.

Ethereum

Ethereum (ETH) narrowly avoided a determination beneath $1,600 implicit the past 24 hours, contempt marketplace sentiment seemingly remaining bearish.

Following a driblet to a bottommost of $1,603.03 connected Sunday, ETH/USD climbed to a highest of $1,650.71 to commencement the week.

Price of the world’s 2nd largest cryptocurrency has since slipped, and arsenic of penning is present trading astatine $1,633.67.

After astir dropping beneath $1,600, downward momentum eased arsenic ethereum’s RSI recovered a unchangeable enactment constituent of 36.00.

As of writing, terms spot is present tracking astatine a speechmaking of 36.79, with the 10-day (red) and 25-day (blue) moving averages connected the cusp of an upward cross.

Should this occur, and RSI stay supra 36.00, determination is simply a bully accidental that ETH moves supra $1,700 successful the coming days.

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Do you expect ethereum to determination beyond $1,700 aft Labor Day? Leave your thoughts successful the comments below.