Bitcoin consolidated below the $24,000 level on Feb. 27, as cryptocurrency markets prepared for a big week of economic data. Durable goods orders from the United States will be released later today, with consumer confidence figures set for Tuesday. Ethereum rose back above $1,600, following a breakout on Sunday.
Bitcoin, Ethereum Technical Analysis: BTC Consolidates Ahead of Big Week of Economic Data
This article was published more than a year ago. Some information may no longer be current.
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Bitcoin
Bitcoin ( BTC) has largely been in consolidation in today’s session, as markets prepare for a big week of U.S. economic activity data.
Following a low of $23,165.23 on Sunday, BTC/USD rose to an intraday high of $23,654.37 earlier in today’s session.
The move comes as bitcoin bulls continued to climb higher, following a breakout of the $23,000 level on Saturday.
Since reaching the day’s peak, prices have somewhat slipped, with the world’s largest cryptocurrency currently trading at $23,408.54.
This appears to come as the 14-day relative strength index ( RSI) failed to break out of a resistance level of 53.00
As of writing, the index is currently tracking at a reading of 51.95, with the next visible point of support at 50.00.
Ethereum
Ethereum ( ETH), on the other hand, has been predominantly bullish to start the week, with prices rising back above $1,600.
ETH/USD, which dropped to a bottom of $1,597.21 on Sunday, surged to a peak of $1,645.91 earlier in the day.
Prices have mostly climbed in the past few days, after falling to a low of $1,557 to start the weekend.
Like with bitcoin, earlier gains have eased, as the RSI collided with a wall at the 54.00 mark.
Since this collision, price strength has declined, with the RSI now tracking at 53.04, and ETH trading at $1,638.06.
Should ETH bulls intend to take price back towards the $1,700 mark, the first step in this journey would be to move past the 54.00 ceiling.
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Could ethereum climb above $1,700 in the coming days? Leave your thoughts in the comments below.
