Bitcoin, Ethereum Technical Analysis: ETH Falls Below $1,300 Following Monday’s False Breakout – Market Updates Bitcoin News

Ethereum was in the red on Tuesday, as bears reentered the market following a failed breakout of a key resistance level. Prices failed to sustain yesterday’s move above $1,300, with momentum slipping in today’s session. Bitcoin was also lower, however is trading above $17,000 as of writing.

bitcoin

bitcoin (BTC) was consolidating in today’s session, as prices retreated from Monday’s three-week high.

Following a peak of $17,371.00 to start the week, BTC/USD fell to an intraday low of $16,922.43 earlier in the day.

This decline comes as traders have seemingly moved to secure gains, following yesterday’s surge in price.

Looking at the chart, the drop took place as the 14-day relative strength index (RSI) was also unable to climb past a ceiling of its own.

As of writing, the index is tracking at the 48.14 level, which is marginally below a ceiling of 50.00.

Should a breakout occur, it is likely that BTC will move back towards the $17,400 point in the coming days.

Ethereum

Ethereum (ETH) was also in the red during Tuesday’s session, as a result of a failed breakout to start the week.

ETH/USD fell to a bottom of $1,252.47 earlier in the day, which comes as bulls were unable to sustain a surge above the $1,300 mark.

as of writing, ETH is currently trading at $1,264.00, which is nearly 3% lower than Monday’s peak of $1,302.24.

Like with bitcoin, today’s decline in ethereum comes as the RSI moved below its ceiling at the 52.00 level.

Currently, the index is at a reading of 50.18, with the world’s second largest cryptocurrency trading at $1,263.60.

The 10-day (red) moving average continues to hover above its 25-day (blue) counterpart, which typically is a sign of pending bullish sentiment.

Register your email here to get weekly price analysis updates sent to your inbox:

Will we see ethereum rebound in the coming days? Leave your thoughts in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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.