Bitcoin News and Finance
Bitcoin, Ethereum Technical Analysis: Ethereum Nears $1,700 Breakout, as BTC Braces for Fed Rate Decision Skip to main content

Bitcoin, Ethereum Technical Analysis: Ethereum Nears $1,700 Breakout, as BTC Braces for Fed Rate Decision

Bitcoin, Ethereum Technical Analysis: Ethereum Nears $1,700 Breakout, as BTC Braces for Fed Rate Decision

Bitcoin started the week trading marginally below the $26,000 level, ahead of a key week of economic events. The headline being the upcoming U.S. Federal Reserve meeting. Ethereum remains below $1,800 ahead of this week’s rate decision.

Bitcoin

Bitcoin (BTC) continued to trade around the $26,000 level on Monday, as markets remain volatile following recent fundamental occurrences.

BTC/USD rose to a peak of $26,203 earlier in today’s session, following Sunday’s low at $25,675.

Monday’s peak sees bitcoin bulls attempt to break a resistance level of $26,300, however market sentiment remains largely bearish.

Bitcoin chart by TradingView

The relative strength index (RSI) is also tracking close to a level of resistance, with a current reading at 42.16.

This is marginally below an upcoming ceiling at 46.00, and slightly above a support point near the 41.00 region.

Additionally, the 10-day (red) moving average has maintained its downward course, further expanding bearish sentiment.

Ethereum

Ethereum (ETH) remained below $1,800 to start the week, tracking close to a multi-month low in the process.

Following a high at $1,776.85 on Sunday, ETH/USD dropped to a bottom at $1,722.91 on Monday.

This pushed ethereum closer to the weekend’s low at $1,716, which was its weakest point since March 28.

Ethereum chart by TradingView

As a result of this latest decline, ethereum’s 10-day (red) moving average has finally crossed over its 25-day (blue) counterpart.

In addition to this, the RSI is currently tracking at 38.00, which remains around the oversold region.

To move beyond this point, price strength will need to climb past the 40.00 zone, however a floor at 31.00 could still be on radar for sellers.

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

Do you expect ethereum to fall below $1,700 this week? Leave your thoughts in the comments below.

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