Bitcoin, Ethereum Technical Analysis: Bitcoin Momentarily Rebounds, Following Russian Invasion of Ukraine

February 25, 2022

Following Russia’s invasion of Ukraine, volatility in bitcoin and ethereum costs intensified, with each falling to one-month lows on Thursday. Both have since moved away from these lows to this point immediately, in what seems like temporal consolidation.

Bitcoin

As of writing, cryptocurrency markets are up by over 7% on Friday, with bitcoin buying and selling 8% greater heading into the weekend.

This comes following a low of $34,997.01 yesterday, with BTC/USD hitting an intraday excessive of $38,968.84 earlier in immediately’s session.

Friday’s transfer sees BTC momentarily rebound, and edge nearer to the important thing $40,000 degree, which it hasn’t hit for the reason that starting of the week.

Looking on the chart, the 14-day RSI has additionally tailed off barely, and now seems to be consolidating beneath the 43.8 resistance.

As lengthy as costs stay between the ground of $37,240 and ceiling of $39,640, market uncertainty will seemingly prolong.

However, present sentiment appears to be extra bearish, because the 10-day shifting common continues to development downwards.

Ethereum

The value of ETH was additionally marginally greater, as bulls appear reluctant to let the world’s second largest cryptocurrency fall beneath its long-term assist.

As of writing, ETH/USD is buying and selling 9.20% greater, after rising to a peak of $2,689.05, following Thursday’s intraday low of $2,341.72.

Price power additionally climbed, with the 14-day RSI breaking past its current resistance level at 39.60, and at present is monitoring at 40.80.

Following the transfer, ETH now sits barely above the next assist of $2,550, a degree which has birthed a number of bull runs prior to now.

Despite this, merchants are more likely to stay cautious, as many worry that Russia’s invasion of Ukraine will solely worsen, resulting in traders taking a risk-off method.

Do you count on ETH to say no additional heading into the weekend? Leave your ideas within the feedback beneath.