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Ethereum and Bitcoin Technical Analysis

Started by PocketOption, Nov 16, 2022, 04:06 am

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Ethereum and Bitcoin Technical Analysis


Ethereum and Bitcoin Technical Analysis

As market volatility remained high, Bitcoin (BTC) started the week trading below $17,000.

Bitcoin has been trading close to this level during today’s session as the market has struggled to find support.

Earlier in the day’s session, Bitcoin hit a low of $15,872.94 before surging and reaching a high of $16,864.76. Elon Musk, the CEO of Twitter, expressed his opinion on the token as it moved away from its current support level of $15,800. Bitcoin will make it, but it might be a long winter.

The price strength has also increased since this tweet, as seen in the graph above. The 14-day relative strength index (RSI) is moving higher and is going for a ceiling of 39.00.

Following recent market uncertainty, Ethereum (ETH) was trading below $1,300 for a third straight day.

Although ETH/USD started the day and the week by trading at its lowest point of $1,178.43, it only slightly recovered, rising above $1,200.

The second-largest cryptocurrency in the world soared to an intraday high of $1,267.48, over 2% higher than previous lows.

Cathedra Bitcoin (CBIT), a bitcoin mining firm, has reduced its workforce by nearly two-thirds to combat market headwinds that have reduced the price of bitcoin by more than 60% this year.

The Canadian company is one of many struggling bitcoin miners as the dollar value of their rewards falls, and power prices rise, increasing operational costs.

Thirteen years after the launch of Bitcoin, the first decentralized cryptocurrency, regulators are grappling with how the complexity and value of digital currencies have grown in August, with more than 9,000 different cryptocurrencies worth more than $1T.

Crypto is a “currency” that operates without a central authority or bank and is based on distributed ledger technology, typically a blockchain. According to additional Glassnode data, there are now more than 4 million wallets with at least 0.1 BTC or about $1,700 at the time of writing.

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