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Bitcoin, Ethereum Technical Analysis: ETH Bulls Targeting $1,800 This Weekend

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Bitcoin, Ethereum Technical Analysis: ETH Bulls Targeting $1,800 This Weekend

Ethereum rallied to a fresh three-week high to start Saturday’s session, however gains eased as the day progressed. The token continues to trade above $1,700, as market sentiment remains bullish. Bitcoin experienced a similar day, with the token slowly losing steam, after a failed breakout of a key resistance level.

Bitcoin

Bitcoin (BTC) continued to trade above $21,000 on Saturday, however yesterday’s bullish momentum had marginally faded.

BTC/USD rose to a high of $21,613.86 earlier in today’s session, however prices then fell to an intraday low of $20,651.06.

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The decline came as the token was unable to sustain a breakout of its resistance point of $21,600, as bears fought against the move.

BTC/USD – Daily Chart

Looking at the chart, the drop comes as the 14-day relative strength index (RSI) appeared to collide with a resistance level of its own at 55.40.

As of writing, bitcoin is now trading at $21,356.34 as momentum slowly returns, however until the RSI moves past the aforementioned ceiling, we might not see any further substantial gains.

In addition to this, the 10-day (red) moving average is now on the cusp of a cross with its 25-day (blue) counterpart. This could be another catalyst for further gains in price.

Ethereum

Ethereum (ETH) was mostly higher to start the weekend, as the token surged past a resistance level of its own.

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Saturday saw the world’s second largest token climb to a peak of $1,739.43. This came as prices moved past a $1,700 ceiling.

There have been some declines since the earlier high, with ETH/USD now trading at $1,721.15.

ETH/USD – Daily Chart

Similar to bitcoin, it appears that bulls have opted to close previous positions and secure profits, as market uncertainty increased.

From the chart, it seems as though the 14-day RSI has played a part in this volatility, with the index now tracking at 58.00, which is near a ceiling of 60.00.

Bulls continue to target $1,800, however in order to capture this point, price strength will need to overcome its upcoming obstacle.

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Do you expect market sentiment to turn bearish this weekend? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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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.

Altcoins

Shiba Inu: Tracing SHIB’s ability to rebound from its newly found support

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Shiba Inu: Tracing SHIB’s ability to rebound from its newly found support

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

  • Shiba Inu witnessed a bearish pattern on the daily chart
  • The meme-token’s funding rate on FTX turned positive over the last two days
  • The token saw a slight decline in its Social Dominance

After an expected breakdown from its descending triangle setup, Shiba Inu’s [SHIB] bear run expedited to flip its immediate support to resistance around the $0.0118-mark. (For brevity, SHIB prices are multiplied by 1,000 from here on).


Here’s AMBCrypto’s Price Prediction for Shiba Inu [SHIB] for 2023-24


Consequently, the sellers re-entered the market to propel a pull toward the $0.0103-baseline. A conceivable break below the current pattern could spur a near-term decline before a likely rebound.

At press time, SHIB was trading at $0.01131.

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Source: TradingView, SHIB/USD

While the SHIBArmy induced a buying spree from mid-June to mid-August, SHIB swayed to touch its three-month high on 14 August. Since then, the sellers have re-entered the market to pull the price below the constraints of the 50 EMA (cyan).

Nonetheless, with the gradual buying pressure mounting up, SHIB bulls flipped the two-month trendline from resistance to support. But, is this enough to sustain a rally?

Looking at the bearish pennant setup on the daily chart, sellers could be keen on inflicting a pulldown from the confluence of the 50 EMA and the $0.0118-resistance. This rejection of higher prices could propel a decline below the pattern. A close below the 20 EMA would further reaffirm these chances.

A decline below the pattern could propel a retracement towards the $0.0105-$0.0103 range. An eventual jump above the $0.0118-level would confirm the invalidation of the press time bearish bias.

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Additionally, the volume oscillator marked lower peaks during the recent growth on the chart. This reading highlighted a slight weakness of the previous bull run.

A decline in social dominance, but funding rates turn positive

Source: Santiment

Since mid-September, SHIB’s social dominance saw a consistent decline. On the contrary, its price action marked a slight uptick. This reading projected the confidence of the SHIBArmy, regardless of the traction.

Moreover, SHIB’s FTX funding rate turned positive over the last two days. This metric implied that most traders have been slightly bullish on the Futures market.

All in all, SHIB stood at a critical moment. The selling triggers and targets would remain the same as discussed above. Finally, buyers should factor in Bitcoin’s movement and its effects on the wider market to make a profitable move.

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With a background in financial analysis and reporting, Yash is a full-time journalist at AMBCrypto. He has a keen interest in blockchain technology, with a primary focus on technical analysis of cryptocurrencies.

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Altcoins

How MATIC buyers can leverage this setup to remain profitable

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How MATIC buyers can leverage this setup to remain profitable

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

  • MATIC is witnessing a bearish pattern on the daily timeframe
  • Key metrics marked a plunge, but Open Interest across exchanges showed a positive sign

Since its mid-June lift-off, Polygon [MATIC] bulls have recovered losses while facing a barrier at its nine-month trendline resistance (white, dashed). The resulting buying comeback propelled a retest of the 200 EMA (green) before an expected pullback.


Here’s AMBCrypto’s Price Prediction for Polygon [MATIC] for 2023-24


The altcoin has now entered a relatively low volatility phase near its EMAs as the sellers aim to inflict a reversal from the trendline resistance. MATIC could likely see a dull phase given the current setup of a bearish pattern.

At press time, MATIC was trading at $0.8406.

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MATIC formed a bearish pattern at its resistance level

Source: TradingView, MATIC/USDT

The previous ascending channel breakout aided MATIC bulls to breach the $0.7-$0.75 range and flip it to support. Since then, this range has supported MATIC’s retracement over the two months.

After rebounding from the 200 EMA resistance barrier, the alt struggled to pull off a robust buying rally above its trendline resistance. Moreover, the recent bearish crossover on the 20 EMA (red) and the 50 EMA (cyan) reaffirmed the near-term selling edge.

With these EMAs now looking north, buyers could aim to find grounds to bounce back from them. In the meantime, MATIC formed a bearish-flag-like structure, one that could reignite some selling pressure. 

A close below the pattern or the $0.78-level would position MATIC for a near-term downside. In this case, the potential target would lie in the $0.69 baseline. 

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An eventual close above the long-term trendline resistance can invalidate the default bearish tendencies. The bulls must ramp up the buying volumes to sustain a close above the immediate resistance range. In these circumstances, the buyers would look to retest the 200 EMA before a likely reversal.

The Directional Movement Index (DMI) hinted at a slight bullish edge, but the ADX depicted a weak directional trend for MATIC.

Key metrics marked a slight plunge

Source: Santiment

Since early September, MATIC’s development activity has been gradually declining. Additionally, its Network growth also took a toll as it saw a decline in the number of new addresses. These readings unveiled the alt’s decreasing traction over the past month. An inability of the buyers to change this perception could fuel near-term bearish inclinations.

On the other hand, MATIC Open Interest increased by nearly 1.9% across all exchanges in the past 24 hours. Correspondingly, the price was up by around 2% during this time. This hinted at a healthy increase in price. Nonetheless, buyers should look for the triggers and targets mentioned above.

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Last but not the least, investors/traders must keep a close eye on Bitcoin’s movement as MATIC shares an 89% 30-day correlation with the king coin.

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Analysis

Biggest Movers: UNI Closes In On 5-Week High, While SOL Also Climbs

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Biggest Movers: UNI Closes In On 5-Week High, While SOL Also Climbs

Uniswap moved closer to its highest point since late August on Thursday, as the token extended recent gains. Today’s surge is the fourth consecutive day that prices have climbed, leading the token to break out of a key resistance level in the process. Solana was also in the green, recording a seven-day high as a result.

Uniswap (UNI)

Uniswap (UNI) was one of today’s notable movers, as the token rose for a fourth consecutive day.

UNI/USD raced to an intraday high of $6.99 on Thursday, which comes less than a day after trading at a low of $6.49.

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Today’s surge in price sees uniswap break out of its key resistance point of $6.70, hitting its highest point since August 26 in the process.

UNI/USD – Daily Chart

Looking at the chart, bullish momentum in UNI intensified following another breakout, this time on the 14-day relative strength index (RSI.

The index moved beyond its ceiling of 57.45 during yesterday’s session, and as of writing is tracking at 61.47.

A higher ceiling of 63.00 now awaits UNI bulls, who could opt to secure gains and close positions as the RSI nears this point.

Solana (SOL)

Solana (SOL) climbed to a one-week high on Thursday, as the token collided with a resistance of its own.

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The world’s ninth-largest cryptocurrency hit a high of $34.46 in today’s session, which is its highest point since September 30.

Thursday’s high saw solana close in on a long-term ceiling of $34.50, which has historically been the main obstacle preventing prices from moving to $35.00.

SOL/USD – Daily Chart

As of writing this, earlier gains in SOL have somewhat eased, as bulls moved to secure gains near this point of uncertainty.

The token is currently trading at $34.10, with the 14-day RSI tracking at 53.03, which is marginally above a resistance level of 53.00.

Bearish sentiment appears to be preparing to return, and should we see any further drop in price strength, SOL will likely head below $34.00.

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Do you believe solana can hit $35.00 in the coming days? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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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.

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