Wednesday, 8 March 2023

Bitcoin, Ethereum Technical Analysis: BTC, ETH Stall Ahead of Powell Testimony

by Berkeley Lovelace

Bitcoin, Ethereum Technical Analysis: BTC, ETH Stall Ahead of Powell Testimony

Bitcoin remained in consolidation earlier in Tuesday’s session, as markets prepared for this afternoon’s testimony from Fed Chair Powell. The head of the U.S. Federal Reserve will be speaking in front of the Senate Banking Committee later in the day. Ethereum was also largely unchanged, as it traded close to a support point.

Bitcoin

Bitcoin (BTC) continued to trade sideways on Tuesday, as market uncertainty remained high ahead of Fed Chair Powell’s testimony.

Many believe that Powell will give some forward guidance into the Federal Reserve’s current thinking, and how aggressive they may be in their upcoming meeting.

BTC/USD fell to a low of $22,356.62 earlier in the day, less than 24 hours after trading at a high of $22,584.29.

Looking at the chart, today’s move sees the world’s largest cryptocurrency continue to trade above a floor at $22,300.

This coincides with the 14-day relative strength index (RSI) also hovering above its own point of support at 42.00.

At the time of writing, the index is tracking at 43.23, with a ceiling at 49.00 a potential target for bulls, should Powell give markets a reason to be optimistic.

Ethereum

Additionally, ethereum (ETH) was also largely unchanged in today’s session, with prices trading close to a recent support point.

Following a high of $1,579.46 to start the week, ETH/USD fell to an intraday low of $1,561.44 earlier in today’s session.

As a result of the move, ethereum narrowly avoided a collision with a floor at $1,560, with prices climbing marginally higher as the day progressed.

Currently, ETH is trading at $1,567.62, which comes as the RSI bounced from its own point of support at 44.00.

At the time of writing, price strength is tracking at 44.77, with a ceiling at 47.00 a possible destination should sentiment shift.

Overall, momentum remains bearish, as the 10-day (red) moving average continues to extend a crossover with its 25-day (red) counterpart.

Register your email here to get weekly price analysis updates sent to your inbox:

Could cryptocurrency prices surge following Powell’s speech? Leave your thoughts in the comments below.

signup-banner

Loading