Bitcoin, Ethereum Technical Analysis: ETH Nears $1,230 Resistance, Following Strong US GDP Data

Bitcoin, Ethereum Technical Analysis: ETH Nears $1,230 Resistance, Following Strong US GDP Data

Ethereum edged closer to a key resistance level of $1,230 on Dec. 23, as markets continued to react to better than expected U.S. GDP data. Gross domestic product in the United States was revised higher to 3.2%, better than the 2.9% expected. Bitcoin mostly consolidated in today’s session, with prices trading near the $16,800 mark. Bitcoin

Bitcoin (BTC) was once again in consolidation on Friday, as markets continued to react to the latest U.S. Q3 GDP figures.

Following a low of $16,592.41 on Thursday, BTC/USD was marginally higher, with prices rising to a peak of $16,880.87 in today’s session.

The surge in price pushed BTC above a key resistance point of $16,800, as bulls once again attempted to recapture the $17,000 mark. BTC/USD – Daily Chart

As can be seen from the chart, recent price uncertainty comes as the 14-day relative strength index (RSI) remains close to a floor at 45.00.

Sentiment also seems uncertain following a recent crossover between the red 10-day moving average, and its 25-day (blue) counterpart.

If this downward trend continues, we could see BTC trading near $16,000 during the Christmas weekend. Ethereum

Ethereum (ETH) was marginally higher to end the week, as prices moved closer to a key resistance level earlier today.

ETH/USD raced to an intraday peak of $1,224.21 in Friday’s session, less than 24 hours after hovering at $1,187.13.

Today’s move sees ETH bulls once again try to break out of the long-term resistance level of $1,230. ETH/USD – Daily Chart

Looking at the chart, the 14-day RSI is now rallying above a resistance point at 47.00, and tracking at 47.92, with the next visible ceiling at 52.00

In order for bulls to continue to push ethereum higher, price strength will likely need to surge towards this upcoming resistance of 52.00.

Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum

Do you expect ethereum to be above $1,230 before Christmas? Leave your thoughts in the comments below. Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Biggest Movers: ADA, XRP Rebound From Recent Losses on Friday MARKET UPDATES | 7 hours ago Biggest Movers: DOGE Rebounds on Thursday, LTC Nears 1-Week High MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleNigerian Central Bank Increases Cash Withdrawal Limits After Receiving ‘Feedback From Stakeholders’ Next articleBitcoin Miners Discovered 53,240 Blocks This Year, Foundry Led the Pack, Hashrate Tapped an All-Time High Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design