Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate as Markets Prepare for Christmas Break

Bitcoin continued to consolidate to start out the week, as market volatility remained in place forward of the Christmas holidays. The world’s largest cryptocurrency remained beneath $17,000 on Monday, as value tried to interrupt out of a key resistance degree. Ethereum was beneath $1,200 on Monday.

Bitcoin

Bitcoin (BTC) began the week beneath $17,000, as costs continued to consolidate following a risky weekend.

Following a low of $16,671.80 on Sunday, BTC/USD rose to a peak of $16,815.39 earlier in right this moment’s session.

Monday’s transfer noticed the world’s largest cryptocurrency rise above a key resistance degree of $16,700.

Despite this, market sentiment stays risky, with neither bulls nor bears taking cost of value motion to this point right this moment.

As might be seen from the chart, the uncertainty comes because the 14-day relative energy index (RSI) hovers beneath a resistance level on the 46.00 mark.

The index is presently monitoring at 44.16, with a ground of 42.00 seemingly the goal for bears. Prices will possible proceed to consolidate up till the assist or resistance is damaged.

Ethereum

Ethereum (ETH) additionally consolidated throughout Monday’s session, with costs remaining beneath the $1,200 level.

ETH/USD hit an intraday excessive of $1,192.92 earlier within the day, nonetheless bulls had been unable to push by way of the $1,200 mark.

Today’s transfer comes as costs discovered an interim ground at $1,170 over the weekend, with bulls utilizing this as some extent of entry.

Looking on the chart, this ground coincided with the RSI hitting one in all its personal at 39.00, with value energy shifting to rebound.

As of writing, the index is monitoring at 42.30, with a ceiling at 44.00 the subsequent seen resistance degree.

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Will ethereum transfer again above $1,200 earlier than Christmas? Leave your ideas within the feedback beneath.