Bitcoin, Ethereum Technical Analysis: BTC, ETH Prices Volatile Following Super Bowl

Cryptocurrencies were initially successful the reddish to commencement the week, contempt respective crypto firms securing lucrative Super Bowl advertisement slots. Over 100 cardinal viewers watched the “crypto bowl” advertisements, nevertheless bitcoin prices started little connected Monday.

Bitcoin

BTC/USD is little for a 5th consecutive league to commencement the week, arsenic markets gave up each of past week’s gains.

BTC/USD fell to an intraday debased of $41,681.96 connected Monday, pursuing a highest of $42,693.05 during Sunday’s session.

The caller diminution successful prices has pushed BTC person to enactment of $40,800, a level it hasn’t deed since February 5.

Monday’s determination comes arsenic terms spot has continued to slip, with the 14-day RSI falling beneath caller multi-month highs.

BTC/USD – Daily Chart

As of writing, the Relative Strength Index is tracking astatine 55, a level which appears to beryllium a short-term floor, nevertheless should it determination supra absorption of 56.43, bulls could re-enter.

Looking astatine the moving averages connected 10-days and 25-days, we are starting to spot a consolidation successful momentum, arsenic these inclination lines statesman to inclination sideways.

Although it seems apt that the level volition beryllium hit, semipermanent traders volition apt look astatine buying this dip.

Ethereum

Ethereum was besides little to commencement the week, arsenic bears continued to ellipse the world’s 2nd largest cryptocurrency.

However, arsenic the league progressed, prices dilatory began to summation immoderate bullish momentum, pursuing the U.S. open.

As of writing, ETH was marginally higher, arsenic prices were erstwhile again looking to commercialized supra the $3,000 level.

ETH/USD deed an intraday debased of $2,840.26 during the people of today’s session, nevertheless it climbed to a precocious of $2,957.96 soon thereafter, which is 0.24% higher than Sunday’s high.

ETH/USD – Daily Chart

This comes arsenic the 14-day Relative Strength Index was marginally higher, and approaching its cardinal absorption level of 51.

Similar to BTC, the moving averages connected ETH/USD person begun to inclination sideways, however, galore inactive stay optimistic of a aboriginal rally, should we erstwhile again interruption the $3,022 resistance.

Will we spot an influx of caller crypto traders pursuing the Super Bowl? Leave your thoughts successful the comments below.

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