Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate as Markets Prepare for Christmas Break

Bitcoin continued to consolidate to commencement the week, arsenic marketplace volatility remained successful spot up of the Christmas holidays. The world’s largest cryptocurrency remained beneath $17,000 connected Monday, arsenic terms attempted to interruption retired of a cardinal absorption level. Ethereum was beneath $1,200 connected Monday.

Bitcoin

Bitcoin (BTC) started the week beneath $17,000, arsenic prices continued to consolidate pursuing a volatile weekend.

Following a debased of $16,671.80 connected Sunday, BTC/USD roseate to a highest of $16,815.39 earlier successful today’s session.

Monday’s determination saw the world’s largest cryptocurrency emergence supra a cardinal absorption level of $16,700.

BTC/USD – Daily Chart

Despite this, marketplace sentiment remains volatile, with neither bulls nor bears taking complaint of terms question truthful acold today.

As tin beryllium seen from the chart, the uncertainty comes arsenic the 14-day comparative spot scale (RSI) hovers beneath a absorption constituent astatine the 46.00 mark.

The scale is presently tracking astatine 44.16, with a level of 42.00 seemingly the people for bears. Prices volition apt proceed to consolidate up until the enactment oregon absorption is broken.

Ethereum

Ethereum (ETH) besides consolidated during Monday’s session, with prices remaining beneath the $1,200 point.

ETH/USD deed an intraday precocious of $1,192.92 earlier successful the day, nevertheless bulls were incapable to propulsion done the $1,200 mark.

Today’s determination comes arsenic prices recovered an interim level astatine $1,170 implicit the weekend, with bulls utilizing this arsenic a constituent of entry.

ETH/USD – Daily Chart

Looking astatine the chart, this level coincided with the RSI hitting 1 of its ain astatine 39.00, with terms spot moving to rebound.

As of writing, the scale is tracking astatine 42.30, with a ceiling astatine 44.00 the adjacent disposable absorption level.

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Will ethereum determination backmost supra $1,200 earlier Christmas? Leave your thoughts successful the comments below.

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