Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Ahead of United States GDP Data

Cryptocurrency prices mostly consolidated connected Thursday, up of upcoming GDP figures from the United States. Bitcoin remained adjacent to the $17,000 level successful today’s session, with the planetary marketplace headdress trading 0.01% little arsenic of writing. Ethereum was mostly unchanged, arsenic prices continued to commercialized supra $1,200.

Bitcoin

Bitcoin (BTC) continued to consolidate up of this afternoon’s 3rd 4th GDP information from the United States.

This afternoon’s figures are expected to amusement maturation of 2.9% successful the quarter, arsenic ostentation successful the U.S. began to dilatory down.

BTC/USD deed a precocious of $16,895.71 up of the information release, which is marginally higher than Wednesday’s bottommost astatine $16,755.91.

BTC/USD – Daily Chart

Looking astatine the chart, today’s consolidation comes arsenic the 14-day comparative spot scale (RSI) continued to hover adjacent a enactment constituent astatine 46.00.

As of writing, the scale is tracking astatine the 46.49 level, and could beryllium acceptable to interruption retired of this constituent astatine immoderate moment.

Should this occur, bearish sentiment volition apt instrumentality to the market, with prices heading towards $16,500.

Ethereum

Ethereum (ETH) besides consolidated successful today’s session, with bulls managing to support prices supra the $1,200 level.

Following a debased of $1,208.03 successful Tuesday’s session, ETH/USD was marginally higher connected Thursday, arsenic it roseate to a highest of $1,219.61.

The determination sees the world’s 2nd largest cryptocurrency proceed to beryllium a stone’s propulsion distant from a ceiling astatine $1,230.

ETH/USD – Daily Chart

Despite the imaginable of higher highs, wide momentum seems comparatively bearish, with the 10-day (red) moving mean extending a crossover with its 25-day (blue) counterpart.

As tin beryllium deduced from the chart, the RSI besides looks acceptable for a down trend, arsenic it failed to interruption retired of its existent ceiling astatine 47.00

In bid for bullish sentiment to return, it is apt that a determination beyond this absorption volition request to instrumentality place.

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Do you expect ethereum to beryllium supra $1,230 earlier Christmas? Leave your thoughts successful the comments below.

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