Bitcoin, Ethereum Technical Analysis: Crypto Prices Fall Lower as Markets Continue to Digest Biden’s Executive Order

Less than 24 hours aft U.S. President Biden’s enforcement order, cryptocurrency markets were backmost successful the red, arsenic the planetary marketplace headdress fell by implicit 5%. Bitcoin was erstwhile again trading beneath $40,000, with ETH hovering marginally supra $2,500.

Bitcoin

As the fume clears pursuing yesterday’s enforcement order, crypto traders look to beryllium coming to presumption with what this announcement could mean for the abstraction long-term.

The world’s largest cryptocurrency is presently down by implicit 7% connected Thursday, wiping retired each of yesterday’s gains.

Following Wednesday’s highest of $42,465.67, BTC/USD has truthful acold fallen to an intraday debased of $38,832.94 earlier successful the session.

BTC/USD – Daily Chart

This has travel arsenic the 14-day RSI has besides fallen backmost beneath its enactment of 47.4, aft moving to arsenic precocious arsenic 54.6 lone yesterday.

Volatility successful terms spot shows the grade of marketplace uncertainty that presently exists, arsenic traders look fearful to clasp connected to gains, and alternatively judge profits.

With momentum erstwhile again changing, galore expect further consolidation successful price, which could beryllium confirmed if BTC hits its level of $37,600 successful upcoming sessions.

Ethereum

Wednesday’s gains successful ethereum were besides wiped retired during Thursday’s session, arsenic the world’s second-largest cryptocurrency trades 5.17% little today.

As of writing, ETH/USD was trading astatine $2,593.45, and this comes aft climbing to arsenic precocious arsenic $2,756.06 little than 24 hours ago.

ETH has truthful acold fallen to an intraday debased of $2,566.19 during Thursday’s session, which is marginally supra its semipermanent level of $2,550.

ETH/USD – Daily Chart

This diminution to enactment volition apt captivate bears from sustaining caller unit successful hopes of a breakout to the little level of $2,400.

Should this happen, we whitethorn spot the RSI determination from its existent presumption of 48, to its ain level of 42.

Is it inevitable that we volition spot further downside moves successful ETH? Leave your thoughts successful the comments below.

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