Bitcoin, Ethereum Technical Analysis: BTC Rebounds, Following Decline in US Consumer Confidence
Bitcoin rebounded on March 1, as markets reacted to the latest consumer confidence report from the United States. Confidence slipped last month, which appears to be a sign that higher rates are starting to take effect. Ethereum also moved higher on Wednesday, as prices moved above $1.650.
Bitcoin (BTC) rebounded on Wednesday, which comes in the aftermath of the latest U.S. consumer confidence report.
Confidence fell to a reading of 102.9 in February, less than the 108.5 sum that markets had anticipated.
Following a low of $23,077.65 on Tuesday, BTC/USD surged to an intraday peak of $23,880.63 earlier in the day.
The move pushed bitcoin marginally past a long-term resistance level at $23,800, hitting a five-day high in the process.
Another slight breakout occurred on the 14-day relative strength index (RSI), which climbed beyond a ceiling at 54.00.
At the time of writing, the index is tracking at 55.02, with the next visible resistance zone at the 60.00 level.
Like bitcoin, ethereum (ETH) also raced higher on hump-day, as prices once again moved above $1,650.
ETH/USD raced to a high of $1,658.69 earlier today, less than 24 hours after nearly falling below $1,600.
As a result of this surge, the world’s second-largest cryptocurrency climbed to its strongest point since last Thursday.
Additionally, price strength has also risen past a ceiling at the 53.00 mark, with the index tracking at 54.68 as of writing.
Despite this, the 10-day (red) moving average still seems set to crossover its 25-day (blue) counterpart, which could prompt an upcoming sell-off.
Should this cross occur, there is a possibility that ETH could fall toward a floor at the $1,550 mark.
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Could we see ethereum drop below $1,600 this week? Leave your thoughts in the comments below.