Bitcoin, Ethereum Technical Analysis: BTC, ETH Fall to 1-Week Lows, as Markets Prepare for Big Week of Data

Bitcoin, Ethereum Technical Analysis: BTC, ETH Fall to 1-Week Lows, as Markets Prepare for Big Week of Data

Bitcoin was trading near a key support point on Monday as markets prepared for a big week of economic data. The headline release will be Wednesday’s U.S. inflation report, which is forecasted to come in at 8.1% for September, which is lower than August’s rate of 8.3%. Ethereum was also in the red, as the token slipped to a one-week low to start the week. Bitcoin

Bitcoin started the week trading at a seven-day low, as markets prepared for a big week of economic data.

BTC/USD slipped to a bottom of $19,162.31 on Monday, which saw prices drop below a key support point of $19,300.

Since hitting this floor, bulls have since reentered, pushing prices back above the aforementioned support. BTC/USD – Daily Chart

Looking at the chart, today’s drop in price came as the 14-day relative strength index (RSI), fell to a bottom of its own.

As of writing, the index is tracking 45.47, which is marginally above a support of 45.00, however, bulls have thus far rejected a breakout attempt.

Should this continue to be the case, we could see bitcoin bounce from this point, and head back towards the $20,000 mark. Ethereum

In addition to bitcoin, ethereum (ETH) was also tracking near a one-week low on Monday, with prices also nearing a breakout.

The world’s second largest cryptocurrency dropped to a low of $1,300.00 to start the week, however bears failed to take the token below this point.

Despite the failed breakout, ETH/USD is currently still trading at its lowest point since October 3, which is the last time price was under $1,300. ETH/USD – Daily Chart

As seen from the chart, it appears that bulls are still present in ETH, with the 10-day (red) moving average closing in on a crossover with its 25-day (blue) counterpart.

Should this crossover take place, we could see the price of ethereum surge back toward a resistance of $1,390.

Traders will likely be paying attention to the RSI for guidance, with the index currently hovering marginally above a floor of 41.30.

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

Will crypto prices consolidate ahead of Wednesday’s inflation report? 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. Bitcoin Price Outlook for October — Strong Dollar and Fed Rate Hike Gives Bears the Advantage MARKET UPDATES | 3 hours ago Biggest Movers: TRX Hits 4-Week High, MKR Remains Close to 2-Month Peak MARKET UPDATES | 8 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBinance CEO Changpeng Zhao Believes Decentralization Is Part of a ‘Gradient Scale’ Next articleBitcoin Mining Difficulty Surges to an All-Time High, Network Prints 2022’s Largest Retarget Increase 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.Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher