Bitcoin, Ethereum Technical Analysis: ETH Finds Temporary Support, After Hitting 3-Week Low
Ethereum found support on Tuesday, following a drop to a three-week low earlier in today’s session. This comes as the price of bitcoin also consolidated, following recent bearish pressure.
Bitcoin
The selloff in BTC momentarily eased on Tuesday, as global markets continued to closely monitor the Russia/Ukraine situation.
BTC/USD dropped to a low of $36,488.93 earlier in today’s session, which is over $3,000 lower than its high to start the week.
The move saw BTC briefly break out of its long-term floor of $37,315, in what looks like a false drop, before once again re-entering this support point.
As this move in price took place, price strength in bitcoin moved deeper into oversold territory, with the 14-day RSI tracking at 33, which is its lowest point in 20 days.
As anticipated yesterday, price momentum has also firmly shifted, with the 10-day (red) moving average and 25-day (blue) MA meeting for what appears to be a downside cross.
For now bitcoin is holding steady at support, as bulls look to fend off the bearish pressure, however this could shift, if the recent trend extends.
Ethereum
ETH also fell to a three-week low during today’s session, however the bullish resistance to the recent declines has helped prices find a floor.
Today saw ETH/USD fall to an intraday low of $2,510.68, which is its weakest level since January 31.
Despite this, prices rebounded from those earlier lows, climbing above support of $2,550 in the process.
Similar to BTC/USD, a downward cross of the moving averages has also firmly occurred, however today’s bounce has pushed the 14-day RSI slightly higher.
Price strength now stands at 39, and is approaching the 40 point, which looks to be a ceiling, however if this could be breached, then more bulls could return.
Is $2,550 the true floor for ethereum, or could prices move lower? Leave your thoughts in the comments below.