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BTC, ETH Consolidate Following Recent Highs – Market Updates Bitcoin News

BTC, ETH Consolidate Following Recent Highs – Market Updates Bitcoin News

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Bitcoin consolidated on January 16, when US markets were closed for the Martin Luther King Jr. Day holiday. Investors have apparently been looking to lock in recent gains as the world’s largest cryptocurrency rose above $21,000 for the first time since November. Ethereum also retreated from recent highs in today’s session.

Bitcoin

Bitcoin (BTC) consolidated at the start of the week as prices failed to break out of key resistance levels.

After hitting a high of $21,345.25 on Sunday, BTC/USD fell to an intraday low of $20,681.98 earlier in today’s session.

This drop comes as the world’s largest cryptocurrency failed to break through its long-term ceiling of $21,400.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate After Recent Highs
BTC/USD – Daily Chart

Looking at the chart, this was somewhat expected as the 14-day Relative Strength Index (RSI) was hovering in overbought territory.

As of this writing, price strength is currently tracking at 86.65, after failing to move north of 90.00.

More declines are likely this week, with sellers potentially targeting $20,000.

Ethereum

In addition to BTC, ethereum (ETH) also retreated from recent highs, coming after its own failed breakout.

ETH/USD fell to a low of $1,529.79 earlier today, following Sunday’s high of $1,579.48.

Ethereum was unable to continue above the $1,580 ceiling, giving room for a decline.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate After Recent Highs
ETH/USD – Daily Chart

As with bitcoin, ethereum prices were significantly overbought, with the index at its highest level since January 2021.

Now at 83.46, the next visible floor seems to be at 70.00, where if hit, ETH could trade near $1,475.

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Do you expect Ethereum to go lower in the coming days? Leave your thoughts in the comments below.

Elijah Dambell

Eliman brings an eclectic perspective to market analysis. He was previously a brokerage manager and e-commerce trainer. He is currently a commentator on various asset classes including Crypto, Stocks and FX and is also a startup founder.




The authors of the picture: Shutterstock, Pixabay, Wiki Commons

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