Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate on Monday as Markets Remain Sluggish Following Christmas

Cryptocurrencies were mostly consolidating connected Dec. 26, arsenic markets remained muted pursuing the Christmas weekend. Bitcoin remained marginally supra a cardinal enactment constituent astatine $16,800, whilst ethereum remained adjacent a ceiling astatine the $1,230 mark. Overall, the planetary crypto marketplace is up 0.20% arsenic of writing.

Bitcoin

Bitcoin (BTC) remained somewhat supra a ceiling astatine the $16,800 level to commencement the week, arsenic markets remained mostly unchanged pursuing the Christmas weekend.

Trading measurement typically slows down during the vacation period, with astir fiscal markets shutting down.

Cryptocurrency markets nevertheless remained open, with BTC/USD moving person to recapturing the $17,000 level.

BTC/USD – Daily Chart

As tin beryllium seen from the chart, Bitcoin deed a precocious of $16,908.86 earlier successful today’s session, which is marginally supra Sunday’s debased of $16,755.25.

The determination comes arsenic the 14-day comparative spot scale (RSI) moved person to a cardinal ceiling astatine 49.00.

Currently, the scale is tracking astatine the 47.55 mark, with bulls apt to proceed to propulsion towards the aforementioned absorption level.

Ethereum

Like BTC, ethereum (ETH) mostly consolidated connected Monday, with prices continuing to commercialized beneath the $1,230 point.

Following a debased of $1,203.72 connected Christmas Day, ETH/USD raced to a highest of $1,222.61 earlier successful today’s session.

As a effect of today’s move, ethereum continued to commercialized beneath its cardinal absorption level of $1,230 for a sixth consecutive day.

ETH/USD – Daily Chart

Looking astatine the chart, the nonaccomplishment to interruption retired of this constituent comes arsenic the RSI continued to hover adjacent a absorption of its ain astatine 48.00

As of writing, the scale is tracking astatine 47.33, which comes aft 2 weeks of residing nether the 48.00 mark.

Despite this, the 10-day (red) moving mean (MA) has begun to determination person to its 25-day (blue) counterpart, which could mean an upward transverse is pending successful the coming days.

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Do you expect cryptocurrencies to consolidate for the remainder of the year? Leave your thoughts successful the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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