Bitcoin, Ethereum Technical Analysis: ETH Lower, as Markets React to Missile Exploding in Poland

Share This Post

Ethereum moved into the red on Nov. 16, as markets became nervous, following a missile accidentally exploding in Poland. Fears grew of potential escalation in the war between Russia and Ukraine, as the missile hit Poland, which is a NATO-backed country. Poland and NATO have both downplayed the strike, and have so far not accused Russia of the act. Bitcoin also fell, ending two days of gains.

Bitcoin

Bitcoin (BTC) was back in the red on Wednesday, as markets reacted cautiously to today’s news, which saw a war missile land in Poland.

Following two consecutive days of gains, BTC/USD fell lower on hump-day, hitting an intraday low of $16,617.91 in the process.

This comes less than a day after prices of the world’s largest cryptocurrency rose to a high of $17,051.96.

Looking at the chart, the drop in BTC comes as the 14-day relative strength index (RSI) failed to move above a ceiling of 39.00.

As of writing, the index is now tracking at 36.30, and seems to be heading towards a visible floor of 33.30.

Should bears manage to send price to this point, it is likely that BTC/USD will drop below $16,000.

Ethereum

Ethereum (ETH) also reacted to today’s news headlines, as the token moved closer to the $1,200 level.

ETH/USD was trading by as much as 4% lower, dropping to a bottom of $1,218.84 in today’s session, a day after trading at a high of $1,283.20.

The move saw the token marginally break out of a recent support level of $1,220, which is typically the last line of defense prior to prices falling below $1,200.

As we have seen with bitcoin, ethereum also encountered a ceiling on its 14-day RSI, failing to move beyond the hurdle of 43.00.

Currently, the index is at a reading of 39.85, and should it decline below an upcoming floor of 38.00, ETH will extend today’s drop.

The moving average of 10 days (red) still seems to have further downward momentum to come, which may also be a signal of upcoming sentiment.

Register your email here to get weekly price analysis updates sent to your inbox:

Do you expect ethereum bulls to reject a breakout below $1,200? Leave your thoughts in the comments below.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Hashpower Evolution: Bitmain’s New ASIC Packs 477,677% More Power than the 2013 S1

This week, Bitmain introduced its latest bitcoin mining machine, which packs an impressive punch with a reported output of 860 terahash per second (TH/s) To put that in perspective, this new rig

Dogecoin Open interest Remains Muted Below $500 Million, What’s Going On?

With the market recovery, open interest in major assets has been rising, but it seems Dogecoin is not following this trend The meme coin has remained muted with a failure to move like other large

VanEck reports surge in Bitcoin interest amid growing institutional, sovereign adoption

VanEck said interest in Bitcoin (BTC) is significantly higher than 12 months ago as institutions and nations continue to push for adoption According to a Sept 19 report, the key reasons behind this

ETF Inflows Surge: Bitcoin Rakes in $158M, Ether Funds Add $5M

According to the latest figures, bitcoin exchange-traded funds (ETFs) brought in $15821 million in inflows on Thursday, while ether ETFs saw $524 million in deposits Bitcoin, Ether ETFs Show Positive

German authorities shutdown 47 crypto exchanges facilitating crime, seize servers, data

German authorities have shut down 47 cryptocurrency exchanges for their role in facilitating criminal activities, according to a joint statement from the Central Office for Combating Internet Crime

Germany Shuts Down 47 Crypto Exchanges In Sweeping Anti-Money Laundering Operation

German authorities have shut down 47 crypto exchanges connected to illicit activity, including money laundering, in a forceful anti-cybercrime action Related Reading: Hong Kong Crypto Growth Tops