- BTC and Ethereum joined the overall market in a favorable region on Monday, with Bitcoin soaring for the 3rd session out of eight.
- NASDAQ mini ensured late support, driven by U.S retail sales data and eased COVID-19 measures by China.
- Meanwhile, investor caution as markets re-open after the holiday saw market conditions weakening today morning.
Ethereum’s price increased by 0.82% yesterday to reverse Sunday’s 0.25% loss and close Monday at $1,228. Further, the altcoin concluded the day in the $1,200 vicinity for the 7th successive session. ETH dropped to afternoon lows of $1,209, following range-bound morning actions.
The alt used the first reliable footing of $1,199 to soar to the $1,231 final-hour peak. Ethereum conquered the closest resistance at $1,230 before sliding to finalize yesterday at $1,228. Bitcoin showcased similar actions, gaining 0.59% on Monday to cancel Sunday’s 0.10% dip and close at $16,946.
Meanwhile, BTC failed to hit $17K for the 6th successive session as it avoided the red region for only the 3rd time out of nine sessions. A mixed morning had BTC plunging to a $16,814 mid-afternoon low. The initial massive support at $16,755 propelled the asset to the $16,963 final-hour peak.
Bitcoin overcomes the first massive obstacle at $16,906. Nonetheless, the second crucial hurdle at $16,966 induced downsides, with Bitcoin easing to conclude the day near $16,946.
NASADAQ Delivers Relief
It was a relatively muted Monday as the U.S. and European markets shut for Christmas. An absence of massive cryptocurrency news traffic and economic indicators left Bitcoin and Ethereum inside constricted ranges throughout the day.
Nonetheless, the NASDAQ mini ensured late support, ensuring a last-hour breakout from ETH and BTC’s tight ranges. Additionally, United States retail sales stats and eased COVID-19 policies in China ensured NASDAQ’s optimism.
We anticipate a choppy session today amid the re-opening of the U.S. and European markets. Nonetheless, the NASDAQ Index might offer afternoon direction as the United States economic indicators will unlikely influence.
Also, investors should watch FOMC chatter and crypto updates. Federal fear, economic recession threats, and regulatory risk remain market headwinds.
Ethereum Price Action
ETH wavered at $1,223 during this writing, reflecting a 0.36% drop. Meanwhile, morning actions push the alt to the $1,234 high before dipping to $1,222. Meanwhile, the alt should dodge a dip beneath $1,223 to clear the hurdles toward the $1,236 first crucial hurdle and last week’s $1,239 high.
A $1,230 return would suggest bullishness during the afternoon session. Nonetheless, support from the NASDAQ Index and cryptocurrency news remain essential for possible breakouts. An extended push would see bulls targeting the 2nd resistance at $1,245 & $1,250. ETH’s 3rd colossal resistance stands at $1,276.
However, weakness at the $1,223 mark would trigger dips toward the foothold at $1,214. Excluding event-triggered sell-offs, the crypto should avoid the $1.2K vicinity. Also, the second dependable footing at $1,201 should prevent further declines. The 3rd massive support locates at $1,179.
Analyzing the Exponential Moving Averages (EMAs) and the four-hour candle chart revealed bearish signals. First, ETH wavered under the 100d EMA ($1,226). Next, the 50d EMA dropped from the 100d EMA as the 100d EMA eased from the 200d EMA, presenting bearish signals.
Overcoming $1,226 (100d EMA) would welcome $1,236 (the first massive resistance) and $1,243 (200d EMA). Nonetheless, falling below $1,218 (50d EMA) would see bears exploring $1,214 before hitting $1,210.
