Bitcoin, Ethereum Technical Analysis: ETH Lower, as USD Gains Following Strong Q3 Earnings

Ethereum was backmost beneath the $1,300 level connected Wednesday, arsenic the U.S. dollar roseate pursuing amended than expected quarterly earnings. So acold this net season, Netflix, Bank of America, and others person outperformed expectations, highlighting what immoderate presumption arsenic the resilience of the U.S. economy, contempt the planetary slowdown. Bitcoin was besides backmost successful the red.

Bitcoin

Bitcoin (BTC) was trading little connected Wednesday, arsenic prices continued to diminution pursuing a failed breakout of a absorption astatine $19,550.

Following a precocious of $19,655.75 connected Tuesday, which saw BTC/USD determination past the aforementioned ceiling, prices slipped to a debased of $19,144.77 earlier today.

Wednesday’s driblet sees the token determination person to a breakout beneath $19,000, with bears apt targeting a level of $18,900.

BTC/USD – Daily Chart

Bearish sentiment has mostly been contiguous during what galore are calling “red October,” with BTC trading beneath $20,000 for the bulk of the period frankincense far.

Looking astatine the chart, the 10-day (red) moving mean has extended its downward transverse with the 25-day (blue), which could beryllium a motion of further declines to come.

In summation to this, the 14-day comparative spot scale (RSI) is tracking astatine 45.50, connected its mode to a level astatine the 44.00 point.

Ethereum

Like BTC, ethereum (ETH) fell for a 2nd consecutive day, arsenic the token moved beneath the $1,300 level.

Earlier successful yesterday’s session, the token was trading supra a ceiling of $1,330, nevertheless aft failing to prolong a breakout, bears reentered the market.

The world’s 2nd largest cryptocurrency fell to an intraday debased of $1,291.66, a time removed from hovering astatine a precocious of $1,332.49.

ETH/USD – Daily Chart

As tin beryllium seen from the chart, today’s diminution successful ETH comes arsenic the 14-day RSI continued to autumn from its ain ceiling of 46.80.

Currently, the scale is tracking astatine 43.47, with the adjacent disposable constituent of enactment adjacent to the 36.00 region.

Should terms spot proceed to deteriorate, we could soon spot ethereum determination further into bearish territory.

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Could we spot ethereum autumn beneath $1,300 this week? Leave your thoughts successful the comments below.

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