Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate as Markets Prepare for Christmas Break – Market Updates Bitcoin News

Bitcoin continued to consolidate to start the week, as market volatility remained in place ahead of the Christmas holidays. The world’s largest cryptocurrency remained below $17,000 on Monday, as price attempted to break out of a key resistance level. Ethereum was below $1,200 on Monday.

bitcoin

bitcoin (BTC) started the week below $17,000, as prices continued to consolidate following a volatile weekend.

Following a low of $16,671.80 on Sunday, BTC/USD rose to a peak of $16,815.39 earlier in today’s session.

Monday’s move saw the world’s largest cryptocurrency rise above a key resistance level of $16,700.

Despite this, market sentiment remains volatile, with neither bulls nor bears taking charge of price movement so far today.

As can be seen from the chart, the uncertainty comes as the 14-day relative strength index (RSI) hovers below a resistance point at the 46.00 mark.

The index is currently tracking at 44.16, with a floor of 42.00 seemingly the target for bears. Prices will likely continue to consolidate up until the support or resistance is broken.

Ethereum

Ethereum (ETH) also consolidated during Monday’s session, with prices remaining below the $1,200 point.

ETH/USD hit an intraday high of $1,192.92 earlier in the day, however bulls were unable to push through the $1,200 mark.

Today’s move comes as prices found an interim floor at $1,170 over the weekend, with bulls using this as a point of entry.

Looking at the chart, this floor coincided with the RSI hitting one of its own at 39.00, with price strength moving to rebound.

As of writing, the index is tracking at 42.30, with a ceiling at 44.00 the next visible resistance level.

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

Will ethereum move back above $1,200 before Christmas? 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.