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Bitcoin, Ethereum Technical Analysis: ETH Falls to 15-Month Low to Start the Weekend

  • Ralph Smith
  • 11/06/2022
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  • 1 minute read
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Cryptocurrency prices fell sharply over the weekend after yesterday’s U.S. inflation report came in at a 40-year high of 8.6%.

Bitcoin

After several days of consolidation,BTCfinally moved late Friday into Saturday as crypto prices reacted to the latest inflation report.

Data from the U.S. showed inflation at a 40-year high of 8.6%, which is higher than the 8.3% many had expected.

So it seems that investors panicked and in turn liquidated some of their positions in the crypto market.

BTC/USD – Daily Chart

BTC/USD fell to an intraday low of $28,911.36 at the start of the weekend, the lowest price in nearly two weeks.

Despite this drop, prices are still above support at $28,800, but there are indications that selling will intensify as the weekend progresses.

If the 14-day RSI falls below the current support at 40.50, this forecast could become a reality.

Ethereum

Saturday sawETHfall to its lowest in over a year as the world’s second largest crypto token’s price plunged.

to start the weekend,.ETH/USD fell nearly $300, hitting a bottom of $1,583.10 early in today’s session.

This is the lowest since last March, breaking support at $1,720.

ETH/USD – Daily Chart

After several days of consolidation, price strength also weakened and the RSI easily broke its 36 floor.

The indicator is currently at 30.96, approaching the lower support level of 29.30.

Some expect the price ofto fall in the future, as does Bitcoin; some believe the price of ETHwill fall in the future, and this RSI bottom may be the point the bears are targeting.

Image Credit: Shutterstock, Pixabay, Wiki Commons

Coins: Ethereum / Bitcoin
Ralph Smith

Cryptocurrency geek. Met with Bitcoin and altcoins back in 2011, when the price of BTC was about 10$. Writing articles since 2014 to these days.

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