DLC BTC and ETH Technical Analysis: Crypto Prices Await US Retail Sales Report -

BTC and ETH Technical Analysis: Crypto Prices Await US Retail Sales Report

Bitcoin approached a two-week high on Thursday, with market focus shifting to the upcoming U.S. retail sales report. Expectations are that August sales will rise by 0.2%, a decrease from the 0.7% increase recorded the previous month. Concurrently, Ethereum managed to remain in positive territory, reclaiming a crucial support level earlier in the day.

**Bitcoin’s Performance**

Bitcoin continued its upward trajectory for a second consecutive session, preparing for the release of the U.S. retail sales report. Forecasts of decreased consumer spending coincide with recent inflationary pressures.

After bottoming out at $26,084.80 on Wednesday, BTC/USD surged to a peak of $26,529.50 in today’s session. This surge coincided with the relative strength index (RSI) breaking through a resistance level at 45.00.

At the time of writing, the RSI sits at 49.04, slightly below the 53.00 resistance level. A potential move beyond this resistance could pave the way for Bitcoin to exceed the $27,000 mark in the days ahead.

**Ethereum’s Positive Momentum**

In tandem with Bitcoin, Ethereum (ETH) also exhibited upward movement on Thursday, surpassing a recent support level.

ETH/USD reached a high of $1,635.82 earlier in today’s session, less than 24 hours after touching a low of $1,593.11. This rally allowed the world’s second-largest cryptocurrency to break through a critical price floor at $1,620.

Similar to Bitcoin, the day’s rally correlated with the RSI surpassing a resistance level at 40.00, with the RSI currently situated at 44.00.

This recent rebound increases the likelihood of a bullish crossover, potentially propelling ETH closer to the $1,700 mark.

As Bitcoin and Ethereum continue to demonstrate resilience and regain technical levels, market participants are closely monitoring economic indicators, including the U.S. retail sales report, for insights into the direction of digital asset prices in the coming days. The interplay between economic data, inflationary concerns, and cryptocurrency performance remains a central theme for investors navigating the crypto market.

Leave a Reply

Your email address will not be published. Required fields are marked *