Bitcoin, Ethereum Technical Analysis: BTC, ETH Drop to 5-Day Lows, as Traders Await Fed’s Jackson Hole Symposium 

Bitcoin continued to beryllium firmly beneath the $26,000 level connected Wednesday, aft breaking retired of a cardinal terms floor. The world’s largest cryptocurrency by marketplace headdress has mostly consolidated successful caller days, arsenic traders await Federal Reserve Chair Jerome Powell’s code astatine Jackson Hole this Friday.

Bitcoin

Bitcoin moved beneath a cardinal terms level precocious connected Tuesday, arsenic the cryptocurrency extended its streak of consolidation.

Following an earlier precocious of $26,160.78, BTC/USD dropped to an intraday debased of $25,520.73 precocious during yesterday’s session.

This resulted successful terms diving to a five-day low, and beneath a caller enactment constituent astatine the $25,600 level.

As of writing, bitcoin has since rebounded and is presently trading astatine $25,870.08, with the comparative spot scale (RSI) hovering astir a level of its ain astatine 20.00.

Price spot present sits astatine 19.82, which remains successful the depths of a carnivore zone, however, it besides acts arsenic a affirmative for longer-term bulls, arsenic sentiment appears to person already recovered a bottom.

Friday’s Jackson Hole Symposium could supply a spark that markets person been missing successful caller days.

Ethereum

Ethereum (ETH) concisely fell nether the $1,600 level yesterday. However, terms has gone connected to retrieve successful today’s session.

ETH/USD bottomed retired astatine $1,596.38 connected Tuesday, pursuing a highest of $1,662.88 earlier successful the day.

Similar to bitcoin, this driblet pushed ethereum to its lowest constituent since past Thursday, which is erstwhile markets reacted to the Spacex news.

ETH is present trading astatine $1,637, and comes arsenic the RSI bounced from a enactment level of 22.00, and has present moved to 23.19.

The 27.00 people remains the people for bulls presently successful the market, with a collision apt to effect successful ETH rising supra $1,700.

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Can ethereum deed $1,700 this week? Leave your thoughts successful the comments below.