November 27, 2022

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Bitcoin, Ethereum Technical Analysis: Crypto Uncertainty Continues, as BTC Drops Again

Crypto prices continued to seesaw on Friday, as both bitcoin and ethereum fell into the red, after a short lived rally on Thursday. Bitcoin was once again below $40,000 during the session, while ethereum extended its recent spell of trading below $3,000.

Bitcoin

Bitcoin (BTC) once again fell below the $40,000 level on Friday, following a short stint in the green during yesterday’s session.

Following a peak of $40,269.47 on Thursday, BTC/USD fell to an intraday low of $38,698.16 earlier today.

This comes as BTC was unable to climb above resistance of $40,500, as bullish momentum eased, which was likely a result of traders closing positions.

Now that we are back in the red, the first thought would be for how long, with some likely to be targeting the $37,570 floor as a potential exit point.

Looking at the chart, the 14-day RSI has also changed course, and is now tracking at a floor of its own marginally below 43.

If price strength were to continue to fall beyond this point, we could see this shift in momentum entice even more bears to re-enter the market.

Ethereum

Bears, however, were already back in ethereum (ETH), as the world’s second largest cryptocurrency fell on Friday, following two days of gains.

ETH/USD found a bottom of $2,841.23 earlier today, as prices continued to trade below $3,000 for a third consecutive session.

Thursday saw ETH climb to a peak of $2,973.13, however, these gains were unable to continue following a breakout of the $2,950.00 ceiling.

As of writing this, ethereum is currently down by 1.08%, and is trading at $2,872.80, with bears likely targeting a floor of $2,780.

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Should this floor be hit in the next few sessions, we would see ETH ending the week, at the same level it started, for the second week in a row.

Overall, crypto markets continue to be volatile, with some putting the current uncertainty down to the outcome of the upcoming Fed rate hike decision.

Could we see ethereum rally beyond $3,000 at some point this weekend? Leave your thoughts in the comments below.