Bitcoin, Ethereum Technical Analysis: BTC Below $17,000, as ETH Nears $1,200 Breakout

Bitcoin fell under $17,000 on Dec. 16, as bearish stress continued to accentuate following yesterday’s disappointing U.S. retail gross sales figures. Sales within the United States had been down by 0.6%, which information got here lower than 24 hours after the Federal Reserve moved to hike rates of interest. Ethereum moved nearer to the $1,200 stage in right this moment’s session.

Bitcoin

Bitcoin (BTC) fell under $17,000 in right this moment’s session, as markets continued to react to final month’s retail gross sales knowledge.

As retail gross sales within the United States disenchanted, BTC/USD slipped to an intraday low of $16,997.54 earlier within the day.

This comes lower than a day after costs had been nearing a breakout of $18,000, hitting a peak of $17,725.88 within the course of.

Looking on the chart, bearish stress intensified following a breakout of a flooring at $17,200, with the worth now buying and selling $17,023.22.

This slight reversal comes because the 14-day relative power index (RSI) moved near a help level of 45.00.

The index is at the moment monitoring on the 47.05 stage, and may worth power hit the aforementioned flooring, BTC might land at $16,800.

Ethereum

Ethereum (ETH) was additionally decrease on Friday, because the world’s second largest cryptocurrency fell nearer to the $1,200 mark.

ETH/USD hit a backside of $1,210.35 earlier within the day, which comes after buying and selling at a excessive of $1,291.32 on Thursday.

Today’s drop sees ethereum transfer decrease for a 3rd consecutive session, breaking out of a key resistance stage of $1,230 within the course of.

As of writing, ETH is sort of 5% decrease than yesterday’s peak, with the RSI monitoring at 43.50, which is close to a key flooring.

This level of help is on the 42.00 mark, and hasn’t been reached since November 28, when ETH was under $1,200.

Should worth power proceed to move in the direction of this backside, there’s a robust risk that ethereum might be buying and selling below $1,200.

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Could we see ethereum bulls reenter the market this weekend? Leave your ideas within the feedback under.