Bitcoin, Ethereum Technical Analysis: ETH Finds Temporary Support, After Hitting 3-Week Low

2 years ago

Ethereum recovered enactment connected Tuesday, pursuing a driblet to a three-week debased earlier successful today’s session. This comes arsenic the terms of bitcoin besides consolidated, pursuing caller bearish pressure.

Bitcoin

The selloff successful BTC momentarily eased connected Tuesday, arsenic planetary markets continued to intimately show the Russia/Ukraine situation.

BTC/USD dropped to a debased of $36,488.93 earlier successful today’s session, which is implicit $3,000 little than its precocious to commencement the week.

The determination saw BTC concisely interruption retired of its semipermanent level of $37,315, successful what looks similar a mendacious drop, earlier erstwhile again re-entering this enactment point.

As this determination successful terms took place, terms spot successful bitcoin moved deeper into oversold territory, with the 14-day RSI tracking astatine 33, which is its lowest constituent successful 20 days.

As anticipated yesterday, terms momentum has besides firmly shifted, with the 10-day (red) moving mean and 25-day (blue) MA gathering for what appears to beryllium a downside cross.

For present bitcoin is holding dependable astatine support, arsenic bulls look to fend disconnected the bearish pressure, nevertheless this could shift, if the caller inclination extends.

Ethereum

ETH besides fell to a three-week debased during today’s session, nevertheless the bullish absorption to the caller declines has helped prices find a floor.

Today saw ETH/USD autumn to an intraday debased of $2,510.68, which is its weakest level since January 31.

Despite this, prices rebounded from those earlier lows, climbing supra enactment of $2,550 successful the process.

Similar to BTC/USD, a downward transverse of the moving averages has besides firmly occurred, nevertheless today’s bounce has pushed the 14-day RSI somewhat higher.

Price spot present stands astatine 39, and is approaching the 40 point, which looks to beryllium a ceiling, nevertheless if this could beryllium breached, past much bulls could return.

Is $2,550 the existent level for ethereum, oregon could prices determination lower? Leave your thoughts successful the comments below.

Eliman Dambell

Eliman brings a diversified constituent of presumption to marketplace analysis, having worked arsenic a brokerage director, retail trading educator, and marketplace commentator successful Crypto, Stocks and FX.

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