Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate on Saturday, Despite Optimism Fed Could Soon Pivot
Bitcoin started the weekend in consolidation, as markets remained nervous despite somewhat dovish comments from U.S. Fed Chair Jerome Powell. Speaking on Friday, Powell stated that rates may not be increased by as much as initially expected. Ethereum rose marginally higher today.
Bitcoin (BTC) consolidated below $27,000 to start the weekend, despite dovish comments from Federal Reserve Chair Jerome Powell.
Following a high of $27,128.62 during yesterday’s session, BTC/USD dropped to an intraday low of $26,700.21 earlier today.
The move sees bitcoin remain relatively close to a floor at $26,300, and comes despite optimism that the Fed could soon begin to ease monetary policy. Looking at the chart, the volatility in the market comes as the 14-day relative strength index (RSI) continues to track below a key resistance level.
At the time of writing, the index is tracking at 40.75, which is below a ceiling at 42.00
In order for BTC to remain firmly above $27,000, and begin to head towards $28,000, this point will need to be broken. Ethereum
Ethereum (ETH) on the other hand was marginally higher on Saturday, as prices remained above $1,800.
ETH/USD hit a high of $1,826.19 earlier in the day, which comes less than 24 hours after nearly dropping below $1,800.
Since dropping to a floor at $1,790 earlier in the week, ETH bulls have managed to keep price away from this point. Similar to BTC, ethereum’s RSI continues to hover below a resistance point at 46.00, and is now at a reading of 44.84.
A breakout will also need to occur at this zone, in order for bullish momentum to fully return to ethereum.
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Do you expect ethereum to surge this weekend? Leave your thoughts in the comments below.