Bitcoin, Ethereum Technical Analysis: BTC Consolidates Ahead of Big Week of Economic Data
Bitcoin consolidated below the $24,000 level on Feb. 27, as cryptocurrency markets prepared for a big week of economic data. Durable goods orders from the United States will be released later today, with consumer confidence figures set for Tuesday. Ethereum rose back above $1,600, following a breakout on Sunday.
Bitcoin (BTC) has largely been in consolidation in today’s session, as markets prepare for a big week of U.S. economic activity data.
Following a low of $23,165.23 on Sunday, BTC/USD rose to an intraday high of $23,654.37 earlier in today’s session.
The move comes as bitcoin bulls continued to climb higher, following a breakout of the $23,000 level on Saturday.
Bitcoin chart by TradingView
Since reaching the day’s peak, prices have somewhat slipped, with the world’s largest cryptocurrency currently trading at $23,408.54.
This appears to come as the 14-day relative strength index (RSI) failed to break out of a resistance level of 53.00
As of writing, the index is currently tracking at a reading of 51.95, with the next visible point of support at 50.00.
Ethereum (ETH), on the other hand, has been predominantly bullish to start the week, with prices rising back above $1,600.
ETH/USD, which dropped to a bottom of $1,597.21 on Sunday, surged to a peak of $1,645.91 earlier in the day.
Prices have mostly climbed in the past few days, after falling to a low of $1,557 to start the weekend.
Ethereum chart by TradingView
Like with bitcoin, earlier gains have eased, as the RSI collided with a wall at the 54.00 mark.
Since this collision, price strength has declined, with the RSI now tracking at 53.04, and ETH trading at $1,638.06.
Should ETH bulls intend to take price back towards the $1,700 mark, the first step in this journey would be to move past the 54.00 ceiling.
Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum
Could ethereum climb above $1,700 in the coming days? Leave your thoughts in the comments below.
5 High-Profile Cryptocurrency Implosions Shatter Trust, Wipe out Billions in Value During 2022’s Crypto Winter MARKET UPDATES | 22 hours ago Bitcoin, Ethereum Technical Analysis: BTC Falls Below $24,000 Ahead of US Consumer Sentiment Data MARKET UPDATES | 3 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons
Brazilian Digital Real Passes Public Blockchain Pilot Test With Flying Colors
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Read disclaimerShow comments
More Popular News
In Case You Missed It
Ripple CEO: SEC Lawsuit Over XRP ‘Has Gone Exceedingly Well’
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP “has gone exceedingly well.” He stressed: “This case is important, not just for Ripple, it’s … read more.
Fidelity Investments Launches Crypto, Metaverse ETFs — Says ‘We Continue to See Demand’ Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Terra’s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin