As of this writing, the RSI is hovering at 51.96, leading some formerly optimistic traders to reconsider and exit their positions.
Despite this, Bitcoin has pulled back slightly to a current trading value of $26,617.31. It is anticipated, however, that traders may mount another effort to breach the $27,000 mark in the days ahead.
The ETH/USD pair climbed to hit an intraday high of $1,640.52 today, nearly a full day after it had sunk to a low of $1,618.73.
This most recent high positioned Ethereum at its most robust trading level in a one-week span.
Ethereum Chart Courtesy of TradingView
While the earlier gains have somewhat dissipated, traders have been unable to break through a critical resistance point of 47.00 on the RSI.
At the time of this analysis, the RSI stands at a value of 44.41, with 40.00 serving as a potential support level to watch.
Nevertheless, the general market sentiment remains on the bullish side, as there exists a strong likelihood of a future upward crossover between the 10-day (depicted in red) and 25-day (depicted in blue) moving averages.
Weekly Technical Analysis Summary
A rundown of the most significant cryptocurrency news over the past week.
Frequently Asked Questions (FAQs) about Technical Analysis of Bitcoin and Ethereum
What is the main focus of the technical analysis?
How is Bitcoin performing according to the analysis?
How is Ethereum performing according to the analysis?
Ethereum has extended its positive run for a fourth consecutive session, staying above the support level of $1,620. It reached an intraday high of $1,640.52, marking its strongest level in the past seven days.
What is the Relative Strength Index (RSI) indicating for both cryptocurrencies?
For Bitcoin, the RSI is nearing an upper limit of 52.00 and is currently at 51.96. For Ethereum, the RSI stands at 44.41 with traders failing to breach a key resistance level of 47.00. Both indicators suggest a generally bullish market sentiment.
Are there any significant events influencing the cryptocurrencies?
What are the future expectations for Bitcoin and Ethereum according to the text?
The text anticipates that traders may make another run towards the $27,000 mark for Bitcoin in the coming days. For Ethereum, there is a high potential for an upwards cross between the 10-day and 25-day moving averages, indicating a generally bullish sentiment.
More about Technical Analysis of Bitcoin and Ethereum
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- Ethereum Technical Analysis
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- Understanding Moving Averages in Trading