Bitcoin consolidated below a key price bottom on Tuesday as markets prepared for upcoming US retail sales data. After two months of decline, sales in the United States are expected to rise again as inflation eases. Ethereum remained well above the $1,800 level.
Bitcoin
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bitcoin (B T c) consolidated in today’s session, as markets prepared for the release of the latest US retail sales data.
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As inflation eases, sales are expected to rise 0.8% for April, after two consecutive months of decline.
After the previous high of $27,646.35, B T c/USD slipped to an intraday low of $26,878.95 on Tuesday.
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The price has recovered since then, and at the time of writing, bitcoin is trading at $27,097.23.
A failed breakout of 42.00 on the Relative Strength Index (RSI) played a key role in today’s decline.
The index is now tracking at 41.06, with a possible target at 38.00 should momentum continue to decline.
Ethereum
Despite a brief breakout below the $1,800 level, Ethereum (ETH) was largely stable on Tuesday.
ETH/USD touched a high of $1,845.70 earlier in the day, expanding from a low of $1,797.84 to start the week.
The world’s second largest cryptocurrency has declined since then, and is trading at $1,817.12 at the time of writing.
This is close to the low of $1,820, which has been formed since last Wednesday, when the price entered its fifth day of decline in six days.
Firming up in prices has also contributed to the current volatility. similar to B T cThe index is hovering below a key resistance level.
Should it move beyond a reading of 45.00, there is a good chance that the ETH The bulls will make another run towards the $1,900 level.
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