Cryptocurrencies continued to consolidate recent gains on Jan. 24, as markets prepared for a big week of U.S. economic data. Gross domestic product (GDP) figures for Q4 2022 will be released on Thursday, followed by consumer sentiment data the day after. Ethereum also secured recent gains in today’s session, with prices nearing a move below $1,600.
Bitcoin
Bitcoin (BTC) consolidated for a third straight day, as traders continued to secure gains from Saturday, when prices rose to a five-month high.
Despite consolidating, BTC/USD remained above $23,000 for most of today’s session, hitting a high of $23,134.01 in the process.
This comes less than 24 hours after it was trading at a low of $22,654.30, which is near a short-term support at $22,500.
Looking at the chart, BTC is currently trading at $22,913.54, and this comes as the 14-day relative strength index (RSI) neared a ceiling of 86.00.
At the time of writing, the index is tracking at a level of 85.09, with a floor at 80.00 another possible destination for traders.
The 10-day (red) moving average has also begun to show signs of peaking, which could lead to a sudden shift in momentum.
Ethereum
Momentum in ethereum (ETH) somewhat slowed in today’s session, with price approaching its floor at $1,600.
Following a high of $1,658.02 to start the week, ETH/USD dropped to a bottom of $1,609.16 earlier in the day.
Sentiment in the world’s second largest cryptocurrency seems to have already shifted, with several dojis (candlesticks signaling reversal) appearing on the chart.
As can also be seen on the chart, the RSI is currently hovering slightly above a floor at 74.00, which is a current reading of 74.07.
Should a breakout take place, bearish pressure will likely increase, with traders potentially eyeing a move under $1,600.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect markets to rebound following this week’s economic data? Leave your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Source: https://news.bitcoin.com/bitcoin-ethereum-technical-analysis-btc-eth-consolidate-ahead-of-us-gdp-consumer-sentiment-data/