Bitcoin News and Finance
Bitcoin, Ethereum Technical Analysis: ETH Lower, as USD Gains Following Strong Q3 Earnings Skip to main content

Bitcoin, Ethereum Technical Analysis: ETH Lower, as USD Gains Following Strong Q3 Earnings

Ethereum was back below the $1,300 level on Wednesday, as the U.S. dollar rose following better than expected quarterly earnings. So far this earnings season, Netflix, Bank of America, and others have outperformed expectations, highlighting what some view as the resilience of the U.S. economy, despite the global slowdown. Bitcoin was also back in the red.

Bitcoin

Bitcoin (BTC) was trading lower on Wednesday, as prices continued to decline following a failed breakout of a resistance at $19,550.

Following a high of $19,655.75 on Tuesday, which saw BTC/USD move past the aforementioned ceiling, prices slipped to a low of $19,144.77 earlier today.

Wednesday’s drop sees the token move closer to a breakout below $19,000, with bears likely targeting a floor of $18,900.

Bearish sentiment has largely been present during what many are calling “red October,” with BTC trading below $20,000 for the majority of the month thus far.

Looking at the chart, the 10-day (red) moving average has extended its downward cross with the 25-day (blue), which could be a sign of further declines to come.

In addition to this, the 14-day relative strength index (RSI) is tracking at 45.50, on its way to a floor at the 44.00 point.

Ethereum

Like BTC, ethereum (ETH) fell for a second consecutive day, as the token moved below the $1,300 level.

Earlier in yesterday’s session, the token was trading above a ceiling of $1,330, however after failing to sustain a breakout, bears reentered the market.

The world’s second largest cryptocurrency fell to an intraday low of $1,291.66, a day removed from hovering at a high of $1,332.49.

As can be seen from the chart, today’s decline in ETH comes as the 14-day RSI continued to fall from its own ceiling of 46.80.

Currently, the index is tracking at 43.47, with the next visible point of support close to the 36.00 region.

Should price strength continue to deteriorate, we could soon see ethereum move further into bearish territory.

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

Could we see ethereum fall below $1,300 this week? Leave your thoughts in the comments below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory