While the US dollar seems to be living its last hours of glory due to inflation which has reached an all-time high, the downward trend continues in the market for the two largest cryptos in terms of market capitalization: bitcoin (BTC) and ether (ETH).

Bitcoin and Ethereum coin on top of a Christmas background

Ether (ETH) Technical Analysis

Ether remains below $1,100 as a nearly 1% rebound in price has been seen. Last Tuesday, ETH/USD was at a low of $1,037.56. It rose to $1,086.58 on Wednesday: a rise that comes after four days of losses.

In the meantime, prices have fallen to the point of falling to $1,050 . Traders then decided to buy down more tokens in an effort to increase the value of Ether. At the same time, the Relative Strength Index (RSI) was at 35.50.

Ultimately, Ether registered a drop of almost 6%, compared to its value last week. However, it can be said that there has been some stability in the price level since last month when prices fell below the $900 mark .

Currently, traders and analysts are eyeing further consolidation in the value of Ether as well as a potential price rally. This rally could occur if the current low holds.

Bitcoin (BTC) Technical Analysis

On Wednesday, there was a price rebound, but the world’s largest cryptocurrency did not stop trading below $20,000 . Bitcoin had managed to hit an intraday high of $19,973.58 during the day Meanwhile, the 14-day RSI (Relative Strength Index) rose, indicating a new level of resistance, at 37.40.

Numerous attempts by the bulls to re-enter bitcoin’s value into the $20,000 zone have not yielded conclusive results. On the contrary, a series of losses was observed. The downtrend therefore continues and traders are reluctant to take long positions.

Looking at the current charts, one can conclude that the momentum will continue to move upwards as long as the 10-day moving average also continues to climb. Note that recently, the relative strength index (RSI) ended up at a value of 38.63. Analysts believe that the upper limit ahead is 41.60.

Lately, the prices of bitcoin (BTC) and ether (ETH) have fallen a lot, compared to their values ​​in 2021. Crypto professionals fear a drop below $20,000 for bitcoin (BTC). At the same time, some analysts believe that the bearish trend in the market is a positive sign for the future of cryptocurrency.

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