Bitcoin, Ethereum Technical Analysis: ETH, BTC Remain Lower as Commodity Prices Hit New Highs

Cryptocurrencies were erstwhile again trading little connected Tuesday, arsenic markets were chiefly focused connected surging commodity prices. Crude lipid climbed to a 14-year precocious of implicit $130 per barrel, whilst golden was accelerated approaching its ain all-time high.

Bitcoin

Bitcoin was trading beneath $40,000 connected Tuesday, arsenic the volatility surrounding the warfare successful Ukraine continued to interaction the world’s largest cryptocurrency.

Following a debased of $37,260.20 during yesterday’s session, BTC/USD had a higher debased of $37,851 truthful acold today.

The terms has since rallied, with bitcoin hitting an intraday precocious of $39,230, which is 0.80% little than Monday’s peak.

BTC/USD – Daily Chart

This determination comes arsenic the recently recovered level of $37,600 erstwhile again held firm, aft respective attempts astatine breakouts during past night’s session.

Despite remaining marginally oversold, and presently tracking astatine 45.6, the 14-day RSI looks to beryllium headed for the 47 level, which has acted arsenic absorption successful the past.

Should terms spot scope this level, BTC/USD would apt beryllium trading adjacent to the $40,000 ceiling, with a breakout apt to animate bulls to return.

Ethereum

The sentiment of consolidation was erstwhile again contiguous successful ETH, arsenic it continued to hover marginally supra its semipermanent level of $2,550.

As of writing, ETH/USD was trading astatine $2,575.98, which is 1.65% little than Monday’s highest of $2,634.25.

Looking astatine the chart, the 14-day Relative Strength Index is tracking astatine 42.62, aft a flimsy interruption beyond absorption of 41.80.

ETH/USD – Daily Chart

Similar to February 27, past has shown america that ample swings successful terms spot thin to hap from this point, nevertheless bulls volition apt stay sidelined until we spot a flimsy displacement successful momentum.

This could travel if the 10-day and 25-day moving averages cross, which seems similar an inevitability owed to their existent proximity.

Is an upwards transverse of moving averages capable to commencement a caller bull tally successful ETH? Leave your thoughts successful the comments below.

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