Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Following Recent Highs

Bitcoin consolidated connected Jan. 16, arsenic U.S. markets closed successful solemnisation of the Martin Luther King Jr. Day vacation celebration. Traders person seemingly moved to unafraid caller gains, aft the world’s largest cryptocurrency roseate supra $21,000 for the archetypal clip since November. Ethereum besides retreated from caller highs successful today’s session.

Bitcoin

Bitcoin (BTC) consolidated to commencement the week, arsenic prices failed to interruption retired of a cardinal absorption level.

Following a precocious of $21,345.25 connected Sunday, BTC/USD fell to an intraday debased of $20,681.98 earlier successful today’s session.

This driblet comes arsenic the world’s largest cryptocurrency was incapable to determination beyond its semipermanent ceiling astatine $21,400.

BTC/USD – Daily Chart

Looking astatine the chart, this was somewhat expected, owed to the 14-day comparative spot scale (RSI) hovering successful overbought territory.

As of writing, terms spot is presently tracking astatine 86.65, aft failing to determination northbound of the 90.00 mark.

It is apt that further declines could beryllium connected the cards this week, with a level of $20,000 a imaginable people for sellers.

Ethereum

In summation to BTC, ethereum (ETH) besides retreated from caller highs, which comes aft a failed breakout of its own.

ETH/USD dropped to a bottommost of $1,529.79 earlier today, which comes aft trading astatine a precocious of $1,579.48 connected Sunday.

Ethereum failed to prolong a determination supra a ceiling astatine $1,580, giving mode to a resurgence of immoderate bearish sentiment.

ETH/USD – Daily Chart

Like with bitcoin, ethereum prices were importantly overbought, with the scale astatine its highest constituent since January 2021.

Now tracking astatine 83.46, the adjacent disposable level seems to beryllium astatine the 70.00 mark, which if hit, could spot ETH trading adjacent $1,475.

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