Bitcoin, Ethereum Technical Analysis: ETH Falls Below $1,300 Following Monday’s False Breakout

Ethereum was in the red on Tuesday, as bears reentered the market following a failed breakout of a key resistance level. Prices failed to sustain yesterday’s move above $1,300, with momentum slipping in today’s session. Bitcoin was also lower, however is trading above $17,000 as of writing.

Bitcoin

Bitcoin (BTC) was consolidating in today’s session, as prices retreated from Monday’s three-week high.

Following a peak of $17,371.00 to start the week, BTC/USD fell to an intraday low of $16,922.43 earlier in the day.

This decline comes as traders have seemingly moved to secure gains, following yesterday’s surge in price.

BTC/USD – Daily Chart

Looking at the chart, the drop took place as the 14-day relative strength index (RSI) was also unable to climb past a ceiling of its own.

As of writing, the index is tracking at the 48.14 level, which is marginally below a ceiling of 50.00.

Should a breakout occur, it is likely that BTC will move back towards the $17,400 point in upcoming days.

Ethereum

Ethereum (ETH) was also in the red during Tuesday’s session, as a result of a failed breakout to start the week.

ETH/USD fell to a bottom of $1,252.47 earlier in the day, which comes as bulls were unable to sustain a surge above the $1,300 mark.

As of writing, ETH is currently trading at $1,264.00, which is nearly 3% lower than Monday’s peak of $1,302.24.

ETH/USD – Daily Chart

Like with bitcoin, today’s decline in ethereum comes as the RSI moved below its ceiling at the 52.00 level.

Currently, the index is at a reading of 50.18, with the world’s second largest cryptocurrency trading at $1,263.60.

The 10-day (red) moving average continues to hover above its 25-day (blue) counterpart, which typically is a sign of pending bullish sentiment.

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Will we see ethereum rebound in upcoming days? 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.




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Source:Bitcoin.com