Bitcoin, Ethereum Technical Analysis: ETH Remains Above $3,400 Despite Bullish Momentum Slowing

Ethereum was trading supra the $3,400 level for a 3rd consecutive session, nevertheless bullish momentum has somewhat eased, arsenic marketplace uncertainty has gradually risen. With prices trading adjacent absorption levels, bulls person pulled back, giving mode to bears looking astatine re-entering the market.

Bitcoin

Bulls successful BTC person besides pulled back, arsenic prices proceed to hover adjacent to caller absorption levels, with immoderate fearing terms reversals.

Following a precocious supra $48,100 earlier successful the week, BTC/USD traded astatine an intraday debased of $46,620.72 during today’s session.

Bitcoin has climbed by arsenic overmuch arsenic 10% successful the past week, nevertheless this momentum has eased, starring to consolidation.

BTC/USD – Daily Chart

Some judge we could spot this reversal successful terms spot instrumentality america backmost towards the $45,000 level, but this could beryllium a short-term retreat arsenic bulls proceed to people $50,000.

Looking astatine the chart, the 14-day RSI has besides begun to process off, and is present adjacent to its level of 61, nevertheless should it not interruption beneath this level, bulls whitethorn proceed to clasp onto immoderate hopes of a instrumentality to upside action.

The existent determination looks akin to what took spot successful aboriginal January, erstwhile prices were past trading astatine the existent absorption beneath $48,000.

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Ethereum

ETH traded supra $3,400 for the 3rd time running, arsenic determination appeared to beryllium much bulls inactive holding connected to positions than successful BTC.

As of writing, ETH/USD is trading 0.04% lower, arsenic prices deed an intraday debased of $3,359.95, which is marginally higher than yesterday’s low.

Typically, erstwhile determination is simply a streak of higher lows during a falling market, it signals consolidation, anterior to an hold of a bullish streak.

ETH/USD – Daily Chart

This is apt what remaining ETH bulls are hoping for, contempt terms spot inactive hovering successful overbought territory.

As of writing, the 14-day RSI is sitting astatine 70.9, which is inactive adjacent to multi-month highs, nevertheless moving averages are yet showing signs of further bullish pressure, some successful the abbreviated and agelong term.

Will we spot consolidation successful crypto extremity earlier we commencement the weekend? Leave your thoughts successful the comments below.

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