Bitcoin, Ethereum Technical Analysis: BTC, ETH Lower, Ahead of Key Week of US Economic Data

Bitcoin, Ethereum Technical Analysis: BTC, ETH Lower, Ahead of Key Week of US Economic Data

Bitcoin fell below $23,000 on Jan. 31, following a recent move to a five-month high over the weekend. Market volatility has since increased, as traders prepare for a big few days of economic data from the United States. The conference board will release its consumer confidence report later today, with the Federal Reserve holding its policy meeting on Wednesday. Ethereum also moved lower today. Bitcoin

Bitcoin (BTC) retreated from a recent five-month high on Tuesday, with prices falling below the $23,000 mark in today’s session.

BTC/USD fell to a low of $22,657.58 earlier in the day, less than 24 hours after hitting a high at $23,296.53.

The move comes as traders appear to have secured gains from recent surges in price, and ahead of the upcoming Federal Reserve policy decision. BTC/USD – Daily Chart

As can be seen from the chart, today’s drop saw BTC move closer to a price floor at $22,500, with the relative strength index (RSI) hitting a floor of its own.

Currently, the index is now tracking at 68.78, which is marginally above its long-term support point at 68.00.

Although a ceiling of 77.00 could be the target for bulls who rejected an earlier breakout, it is likely that prices could consolidate until the dust settles from this week’s fundamentals. Ethereum

In addition to BTC, ethereum (ETH) was also in the red in today’s session, with prices falling further below $1,600.

Following a high of $1,595.86 to start the week, ETH/USD slipped to an intraday bottom of $1,546.66 on Tuesday.

Since hitting a then four-month high of $1,680 on January 21, the world’s second largest cryptocurrency has mostly consolidated. ETH/USD – Daily Chart

Many in the market somewhat saw this coming, due to prices being significantly overbought, with the RSI hovering between 70.00 and 87.00.

Price strength has since weighed heavily, and at the time of writing, the index is currently tracking at 57.02.

ETH has already rebounded from earlier lows, and is currently trading at $1,571.37, with bulls sure to make another run towards the $1,600 zone.

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 rise back above $1,600 this week? 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 online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Biggest Movers: DOGE Hits 8-Week High as Meme Coins Rally on Tuesday MARKET UPDATES | 7 hours ago Bitcoin Rise in First Month of 2023 Moves Crypto Fear Index From "Extreme Fear" to "Greed" MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articlePanamanian Crypto Bill Might Get a Second Wind in the Highest Court of the Country Next articleSIMBA Chain Awarded $30M U.S. Air Force STRATFI 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 ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards

Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin