In light of the impending major US economic revelations, Bitcoin (BTC) and Ethereum (ETH) demonstrate varying market behaviors. Here’s a comprehensive insight into their recent trajectories.
Bitcoin’s Recent Movements
Starting off the week in the vicinity of $25,864, Bitcoin indicates the market’s anticipation of significant economic information. After reaching its weekly peak at $26,166.90 on Sunday, it saw a drop, reaching as low as $25,855.26 during the Monday session.
The renowned digital currency has shown a stable pattern around this price range over the last ten days. This followed a notable surge earlier in the month when it rose above $30k. Nevertheless, a considerable market dip occurred shortly after, causing Bitcoin to plummet to its lowest in two months.
Current trends suggest lateral movements as the 1-day relative strength index (RSI) is 25,86.
Ethereum’s Market Behavior
Ethereum, on the other hand, remained steady on Monday, showing negligible change from its Sunday lows. The ETH/USD pair experienced a slight rise, registering a daily high of $1,660.72 after Sunday’s low of $1,645.57.
This recent development has enabled Ethereum to set $1,663.48, especially after a preceding decline beneath this marker. Echoing Bitcoin’s behavior, Ethereum’s 1-day RSI is currently hindered, which is 30,26. This particular threshold appears to be the key obstacle preventing a positive momentum. Should Ethereum overcome this, we can anticipate its value to possibly exceed $1,700 in the near future. Current price of Ethereum is $1,652.01.
In Conclusion
With significant US economic disclosures on the horizon, including the consumer confidence report and data on gross domestic product and nonfarm payrolls, the cryptocurrency market is manifesting signs of anticipation. As traders and investors closely monitor these developments, the movements of major cryptocurrencies like Bitcoin and Ethereum will remain under scrutiny.
