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Bitcoin, Ethereum Technical Analysis: BTC and ETH Consolidate after Monday’s Surge

Crypto markets were marginally consolidated on Tuesday after yesterday’s price surge that saw bitcoin and ethereum rally to multi-week highs. BTC climbed to $45,000, with ETH moving to $3,200.

Bitcoin

Bitcoin prices were marginally below yesterday’s high, as profit takers look to have closed some of their positions.

BTC/USD rose to an intraday high of $45,293. 87 during Monday’s session, however it’s tracking close to $43,354. 61 today.

Yesterday’s move, which now looks like a false break, moved beyond its recent resistance of $43,770, en route to its highest point since January 5.

The moving averages of 10-days (red) and 25 days (blue) have crossed over on the upside, which many believe shows that the momentum may continue to surge until a true resistance is found.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate After Monday’s Surge
BTC/USD – Daily Chart

Should we see another swing, many could see this resistance as being close to the $50,000 level, which hasn’t been hit since late December.

As of writing, prices have continued to fall, with a doji being formed in today’s chart.

Ethereum

Following an intraday high of $3,219. 47 on Monday, which was a three-week high, ETH was also consolidating during today’s session.

As of writing, ETH/USD fell to a low of $3,062. 51 on Tuesday, as bulls liquidated positions in the world’s second largest cryptocurrency.

Ethereum now sits marginally above its old resistance level at $3,022, which seems to be forming a new floor.

The 14-day RSI has also dropped below its resistance level of 56, and is currently tracking around 54.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate After Monday’s Surge
ETH/USD – Daily Chart

Similar to BTC, moving averages have also experienced an upside cross, which may give long-term bulls the confidence to maintain positions, despite the current short-term volatility.

Will another ETH rally come this week? Please leave your comments below.

eliman@bitcoin.com'

Eliman Dambell

Eliman has a broad perspective on market analysis. He is a former brokerage director, educator in retail trading, and commentator on Crypto, Stocks, and FX markets.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the use or reliance of any content, goods, or services mentioned in this article.

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BTC slips amid poor debut for Hong Kong spot ETFs

Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading. Data showed trading volumes hit just over $11 million, against expectations of over $3oo million. Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading…


  • Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading.
  • Data showed trading volumes hit just over $11 million, against expectations of over $3oo million.

Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading for much hyped spot Bitcoin and Ethereum ETFs in Hong Kong.

BTC was down about 1.4% at the time of writing, having touched lows of $61,587 across major crypto exchanges.

The benchmark cryptocurrency, which has struggled to reclaim key levels since its recent halving event, was seeing a 24-hour trading volume of $28.4 billion.

Bitcoin price and Hong Kong spot ETFs debut

Earlier, Bitcoin price surged to above $64,000 as the six spot Bitcoin and spot Ethereum ETFs went live in Hong Kong.

The flagship cryptocurrency rose to over $64,727 on US-based crypto exchange Coinbase. BTC also soared after reports Hong Kong approved the listing of the ETFs.

NEW: 🇭🇰 Opening ceremony of Hong Kong spot #Bitcoin ETFs 👏 pic.twitter.com/ux1eb5PqRn

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

However, as data streamed in showing disappointing trading volumes and inflows, Bitcoin price took a hit. According to details of the six ETFs’s debut day, total trading volume reached just $11 million, not impressive given projections were much higher at over $300 million.

Bitcoin ETFs saw about $8.5 million while Ethereum ETFs recorded just $2.5 million on the first day. Ethereum price fell to $3,040.

Notably, the figures from Hong Kong are way lower compared to those recorded amid the enthusiasm that greeted the launch of spot Bitcoin ETFs in the US in January. On their debut, the US spot BTC ETFs raked in over $4.6 billion in trading volume.

The start to trading for the ETFs has not helped BTC price and BTC could face a slide under the $60k level if sentiment flips negative. On the upside, resistance at $65k remains critical and a breakout could see the bellwether digital asset soar towards its recent peak.


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