Bitcoin, Ethereum Technical Evaluation: BTC, ETH Consolidate Following Current Highs

Bitcoin consolidated on Jan. 16, as U.S. markets closed in celebration of the Martin Luther King Jr. Day vacation celebration. Merchants have seemingly moved to safe latest beneficial properties, after the world’s largest cryptocurrency rose above $21,000 for the primary time since November. Ethereum additionally retreated from latest highs in at present’s session.

Bitcoin

Bitcoin (BTC) consolidated to start out the week, as costs failed to interrupt out of a key resistance stage.

Following a excessive of $21,345.25 on Sunday, BTC/USD fell to an intraday low of $20,681.98 earlier in at present’s session.

This drop comes because the world’s largest cryptocurrency was unable to maneuver past its long-term ceiling at $21,400.

Wanting on the chart, this was considerably anticipated, because of the 14-day relative energy index (RSI) hovering in overbought territory.

As of writing, worth energy is presently monitoring at 86.65, after failing to maneuver north of the 90.00 mark.

It’s seemingly that additional declines may very well be on the playing cards this week, with a flooring of $20,000 a possible goal for sellers.

Ethereum

Along with BTC, ethereum (ETH) additionally retreated from latest highs, which comes after a failed breakout of its personal.

ETH/USD dropped to a backside of $1,529.79 earlier at present, which comes after buying and selling at a excessive of $1,579.48 on Sunday.

Ethereum didn’t maintain a transfer above a ceiling at $1,580, giving option to a resurgence of some bearish sentiment.

Like with bitcoin, ethereum costs have been considerably overbought, with the index at its highest level since January 2021.

Now monitoring at 83.46, the following seen flooring appears to be on the 70.00 mark, which if hit, might see ETH buying and selling close to $1,475.

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