ADVERTISEMENT

cryptocurrency

Bitcoin, Ethereum Technical Analysis: BTC, ETH Move Lower on Black Friday

ADVERTISEMENT

Bitcoin was slightly lower on November 25, as the market bounced back after the US Thanksgiving holiday. Overall, cryptocurrency markets were largely consolidated during today’s session, with a global market cap of 0.12% at the time of writing. Ethereum was also largely unchanged, with the coin hovering below $1,200.

Bitcoin

Bitcoin (BTC) was largely unchanged on Friday as cryptocurrency markets consolidated after the US Thanksgiving holiday.

After reaching a high of $16,641.32 on Thursday, BTC/USD fell to a low of $16,388.40 earlier in today’s session.

Today’s drop set off a three-day winning streak, pushing BTC closer to its recent USD 16,200 support point.

BTC/USD – Daily chart

Looking at the charts, this is because the 14-day Relative Strength Index (RSI) failed to break out of the 41.00 range.

The index is currently tracking at 40.04 and neither bullish nor bearish is moderating market sentiment.

However, if the bulls manage to break out of the 41.00 resistance point, we could potentially see BTC move towards $17,000.

Ethereum

Ethereum (ETH) was once again below USD 1,200 as the world’s second largest cryptocurrency also consolidated in today’s session.

ETH/USD fell to a low of $1,174.82 earlier in the day, less than 24 hours after reaching a high of $1,203.98.

As a result of this decline, ETH/USD fell below the USD 1,180 support. However, as the day progressed, the price jumped up.

Thursday 2022 11 25 12 36 29 0fc2b
ETH/USD – Daily chart

Currently, Ethereum is trading at $1,196.60, with the RSI tracking at the 42.75 level, which is below the 43.00 range.

In addition, the 10-day (red) moving average is currently moving sideways, which appears to be a positive sign that downward pressure has eased recently.

Also read  XRP Is Stuck In Limbo, But Bears Are Eager To Take Control (Ripple Price Analysis)

Should this trendline begin to reverse, we could see a return to the bull market with more ETH in the hopes of an uptrend.

Register your email address to receive weekly price analysis updates in your inbox:

Could we see ETH reach $1,300 before the end of the month? Leave your thoughts in the comments below.

image credit: shutterstock, pixabay, wikicommons

more popular news

in case you missed it

source: news.bitcoin.com

ADVERTISEMENT

ADVERTISEMENT

Leave a Comment