Bitcoin, Ethereum Technical Analysis: ETH, BTC Volatile as US Inflation Hits 40-Year High

Bitcoin, Ethereum Technical Analysis: ETH, BTC Volatile as US Inflation Hits 40-Year High

Prices of ethereum and bitcoin were volatile on Thursday, as markets reacted to U.S. inflation data. Bitcoin briefly recaptured the $45,000 level, but sold off after the data was released. Bitcoin

Bitcoin started the day in the green, hitting the $45,000 mark in the process, however as the U.S. equity session opened, prices weighed, as it was reported that consumer prices had risen to 7.5%.

BTC/USD rose to an intraday high of $45,101.17 earlier in today’s session, as it appeared that bulls were pushing prices up for a second day.

The move saw bitcoin marginally break out of the $44,750 resistance level, however this ceiling held firm, pushing prices to a low of $43,402.81.

This was the third consecutive false break of this resistance, as the bullish pressure from Monday’s session marginally remained throughout the week. BTC/USD – Daily Chart

Price strength has also deteriorated, with the 14-day RSI now tracking at 60, which although still being overbought, is below yesterday’s high of 64.

Despite recent volatility, bullish pressure remains, with the moving averages of ten and 25 days still positioned for further upside momentum.

Ethereum

Ethereum was trading at a multi-week high to start the session, however, similar to BTC, prices fell following inflation data.

As of writing, ETH/USD fell to an intraday low of $3,126.64 on Thursday, as a short-term ceiling of $3,270 halted today’s attempted price surge.

This selloff from resistance pushed ETH towards its recent support of $3,022, which is a level it hasn’t hit since Tuesday. ETH/USD – Daily Chart

Many who remain bullish will likely maintain positions up until price strength falls below the 56 level on the RSI. Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum, inflation

Is today’s drop in ETH only a temporary setback? Leave your thoughts in the comments below. Eliman Dambell

Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Technical Analysis: THETA Surges 20%, While LEO Falls Lower, Again MARKET UPDATES | 5 hours ago Technical Analysis: Flow Moves Higher, as SHIB Climbs 12% MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleKirobo CEO Asaf Naim Explains How Building a Safety Net for DeFi Users Will Make It Bigger Than Ever Next articleRBI: Cryptocurrency Is a Big Threat to Macroeconomic and Financial Stability in India 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 ItJPMorgan Lowers Its Bitcoin Fair Price Estimate to $38K Amidst Volatility

Leading investment bank JPMorgan has changed its view on the estimate of bitcoin"s price on a long-term basis. The institution had estimated a long-term price of $146K back in November when bitcoin was over $60K. One of the most important ... read more.Russian Investors to Pass Exams Before Buying Cryptocurrencies, Draft Law Suggests Pop Star Justin Bieber Buys Bored Ape NFT for $1.29 Million, Pays More Than 300% Above Floor IMF Tells El Salvador: Costs of Making Bitcoin Legal Tender Exceed Potential Benefits Judge Orders Argentinian Soccer Association to Drop Binance Deal