Bitcoin, Ethereum Technical Analysis: BTC Prices Stall, Heading Into Weekend

Bitcoin, Ethereum Technical Analysis: BTC Prices Stall, Heading Into Weekend

Bitcoin prices were mainly unchanged early in Friday’s session, as traders prepared for the weekend. Following a strong start to the week, crypto prices have mostly consolidated in recent days. ETH was once again trading close to support at $1,750. Bitcoin

Following a strong start to the week which saw BTC hit a high of almost $32,000, prices have since consolidated, trading slightly below $30,000.

So far into Friday’s session, BTC was once again lower, as it continued to trade under this level, and has hit an intraday low of $29,732.91 in the process.

This low comes as prices continue to trade below this week’s resistance level of $30,500, and have instead moved closer to support at $29,500. BTC/USD – Daily Chart

Despite these recent declines, bitcoin is still nearly 1% higher than at the same point last week, when prices were trading under $29,000.

In addition to this, the 14-day RSI has still yet to break its floor of 45, meaning that bulls are still hovering around waiting for an ideal time to re-enter the market.

The 10-day moving average is now also downward facing, with a potential for a downward cross, however should a bullish wave begin, we might see sentiment change.

Ethereum

ETH was once again trading below $1,800 on Friday, as prices fell for a fourth consecutive session.

Although these declines have been marginal, this bearish momentum has meant that ethereum has struggled to move beyond $1,800 this week.

As of writing, ETH/USD fell to an intraday low of $1,761.05 in today’s session, which comes less than 24 hours after a peak of $1,812.90. ETH/USD – Daily Chart

Despite this, looking at the last seven days will show that there has been a marginal rise in price of 0.33%.

This has meant that ETH has continued to trade above support at $1,750, despite bearish sentiment attempting to move below this point.

In addition to this, should the RSI continue to remain above its own floor at 38, then we may likely see ETH recover some of its upwards momentum. Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum

Do you expect this floor of $1,750 to be broken this weekend? Leave your thoughts in the comments below. Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Bitcoin Price Outlook for June — Market Conditions Show Uncertainty MARKET UPDATES | 5 hours ago Biggest Movers: AVAX, ALGO Among Crypto Losers as U.S. Inflation Hits 40-Year High MARKET UPDATES | 7 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleMercadolibre Inks Partnership With Mastercard to Secure Its Crypto Ecosystem in Brazil Next articleDecentralized Autonomous Organization Statistics Show $10 Billion Is Held by DAO Treasuries 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 ItSEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale

Grayscale Investments" CEO explains that the U.S. Securities and Exchange Commission (SEC) could potentially violate the Administrative Procedure Act by not approving a spot bitcoin exchange-traded fund (ETF). SEC Approving Spot Bitcoin ETF Is "a Matter of When and Not ... read more.Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto