equitieswatch
Thursday, December 7, 2023
About us
Advertise
  • Home
  • Stock Market
  • Finance
  • Cryptocurrency
  • Commodities
No Result
View All Result
Equitieswatch.com
No Result
View All Result

Bitcoin Climbs Above $47,000, as ETH Consolidates at Key Resistance Level – Market Updates Bitcoin News

by equitieswatch
April 5, 2022
in Cryptocurrency

YOU MAY ALSO LIKE

BTC Below $20,000, ETH Slips Under $1,000 – Market Updates Bitcoin News

Bitcoin Breaches $19K Level – Will Selloff Continue? What’s The Next Bottom?

Bitcoin was back in the green during Tuesday’s session, as the world’s largest cryptocurrency rose above $47,000. ETH was also marginally higher today, as it continued to hover close to its $3,500 resistance level.

Bitcoin

Bulls were back in bitcoin on Tuesday, as the world’s largest cryptocurrency rose above $47,000 during the session.

Following a low of $45,235.82 to start the week, BTC/USD rallied to an intraday high of $47,106.14 earlier in the day.

Despite the surge, market uncertainty continued to be an issue in crypto trading, with prices moving away from these highs as the session progressed.

BTC/USD – Daily Chart

As of writing, BTC is trading at $46,488.91, which is still 1.18% higher than yesterday’s low, but about $600 below the day’s high.

Looking at the chart, earlier gains eased as we approached the resistance level of 62.92 within the 14-day RSI indicator.

Should we continue to trade below this point, price consolidation could extend, with a breakout potentially taking BTC above $48,000.

Ethereum

The price of ETH continued to consolidate during today’s session, as it hovered slightly below its key resistance level.

ETH/USD broke out of this resistance at $3,500 to start the day, climbing to an intraday high of $3,546.71 in the process.

Since then the price of ETH has slightly faded, and as of writing, is trading around $3,478.37, which is still marginally higher than yesterday’s bottom of $3,412.

ETH/USD – Daily Chart

The consolidation of resistance has been going on for close to four days now, following a recent bullish run in ETH, however this momentum seems to have finally faded.

Looking at the chart, price strength continues to fall away from the 71.45 ceiling within the RSI indicator, and is currently tracking at 67.

Despite the recent weakness, prices are still relatively overbought, which could potentially give way to further drops in price.

The support level of 65 on the 14-day RSI will likely be the main obstacle stopping bears from pushing prices lower.

Has ETH finally lost bullish momentum, following its recent upwards rally? Leave your thoughts in the comments below.

eliman@bitcoin.com'
Eliman Dambell

Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




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.

More Popular News

In Case You Missed It



Source link

ShareTweetPin

Search

No Result
View All Result

Recent News

Oil slips further on demand, financial market worries By Reuters

Oil Sinks Further Amid China Concerns, Weakened Economic Prospects By Investing.com

October 25, 2022
Gold Up, Set for Second Weekly Gain as Dollar Falls from 20-Year High By Investing.com

Gold Pressured Near $1,650, Copper Muted on Economic Fears By Investing.com

October 25, 2022
Explainer-What would be the impact of Russian oil sanctions in Europe? By Reuters

Oil prices edge higher as U.S. dollar eases By Reuters

October 25, 2022
Equitieswatch.com

Equitieswatch.com is your Stock Market, Finance, Forex, Cryptocurrency, Business, NFT News Website. We provide you with the latest breaking news and videos straight from the Business industry.

  • Home
  • About us
  • Contact
  • Privacy Policy

© 2022 www.equitieswatch.com

No Result
View All Result
  • Home
  • Stock Market
  • Finance
  • Cryptocurrency
  • Commodities

© 2022 www.equitieswatch.com