Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Ahead of US GDP, Consumer Sentiment Data

Cryptocurrencies continued to consolidate caller gains connected Jan. 24, arsenic markets prepared for a large week of U.S. economical data. Gross home merchandise (GDP) figures for Q4 2022 volition beryllium released connected Thursday, followed by user sentiment information the time after. Ethereum besides secured caller gains successful today’s session, with prices nearing a determination beneath $1,600.

Bitcoin

Bitcoin (BTC) consolidated for a 3rd consecutive day, arsenic traders continued to unafraid gains from Saturday, erstwhile prices roseate to a five-month high.

Despite consolidating, BTC/USD remained supra $23,000 for astir of today’s session, hitting a precocious of $23,134.01 successful the process.

This comes little than 24 hours aft it was trading astatine a debased of $22,654.30, which is adjacent a short-term enactment astatine $22,500.

BTC/USD – Daily Chart

Looking astatine the chart, BTC is presently trading astatine $22,913.54, and this comes arsenic the 14-day comparative spot scale (RSI) neared a ceiling of 86.00.

At the clip of writing, the scale is tracking astatine a level of 85.09, with a level astatine 80.00 different imaginable destination for traders.

The 10-day (red) moving mean has besides begun to amusement signs of peaking, which could pb to a abrupt displacement successful momentum.

Ethereum

Momentum successful ethereum (ETH) somewhat slowed successful today’s session, with terms approaching its level astatine $1,600.

Following a precocious of $1,658.02 to commencement the week, ETH/USD dropped to a bottommost of $1,609.16 earlier successful the day.

Sentiment successful the world’s 2nd largest cryptocurrency seems to person already shifted, with respective dojis (candlesticks signaling reversal) appearing connected the chart.

ETH/USD – Daily Chart

As tin besides beryllium seen connected the chart, the RSI is presently hovering somewhat supra a level astatine 74.00, which is simply a existent speechmaking of 74.07.

Should a breakout instrumentality place, bearish unit volition apt increase, with traders perchance eyeing a determination nether $1,600.

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Do you expect markets to rebound pursuing this week’s economical data? Leave your thoughts successful the comments below.

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