It was a bearish Saturday session for Bitcoin (BTC) and Ethereum (ETH), with ETH revisiting below $1,600. Fed fears and regulatory risk jitters weighed on investor sentiment, and the G20 anti-crypto talks also tested buyers’ appetites. However, ETH and BTC made modest gains this morning.
Ethereum (ETH) fell 0.81% on Saturday. Following a 2.60% loss on Friday, ETH ended the day at $1,595. The bearish session took ETH below $1,600 for the third time in ten sessions.
A mixed start to the day saw ETH rally to an early high of $1,609. Failing to reach the first major resistance level (R1) at $1,657, ETH fell to a late low of $1,558. ETH briefly fell through the first major support level (S1) at $1,567 before ending the day at $1,595.
It’s a busy time for the Ethereum community, with the Shanghai update scheduled for February 28. While market sentiment on the impact of the Shanghai update on ETH is mixed, Tron (TRX) founder Justin Sun has taken a bullish position, betting 150,100 ETH on Lido (LDO).
On Saturday, Bitcoin (BTC) fell 0.09%. Following a 3.13% drop on Friday, BTC ended the day at $23,178. The bearish session sent BTC below $23,000 for the second time in ten sessions. BTC extended its losing streak to five sessions, the second of the year.
A mixed start to the day saw BTC rally to an early morning high of $23,223. Failing to reach the first major resistance level (R1) at $23,942, BTC fell to a late low of $22,810. However, pulling away from the first major support level (S1) at $22,665, BTC found late support to end the day at $23,178.
Ethereum (ETH) Price Action – Technical Indicators
ETH needs to avoid the $1,587 pivot to target the first major resistance level (R1) at $1,617. A move through Saturday’s high of $1,609 would signal a breakout session. However, the Shanghai update news and crypto news wires should support ETH to support a breakout.
In the event of a prolonged rally, the bulls would likely test the second major resistance level (R2) at $1,638 and resistance at $1,650. The third major resistance level (R3) sits at $1,689.
A move through R1 ($1617) would support a break of the 100-day ($1630) and 50-day EMAs ($1636) to target R2 ($1638). However, a drop through the 200-day EMA ($1,597) would give the bears a run at S1 ($1,566). A break of the 50-day EMA would send a bullish signal.
Bitcoin (BTC) Price Action – Technical Indicators
BTC needs to avoid the $23,070 pivot to target the first major resistance level (R1) at $23,331. A move through Saturday’s high of $23.223 would signal a breakout session. Crypto news wires need to be crypto-friendly to support a prolonged rally.
In the event of a prolonged rally, BTC would likely test the second major resistance level (R2) at $23,483 and resistance at $23,500. The third major resistance level (R3) sits at $23,896.
A move through R1 ($23,331) would give the bull a run at R2 ($23,483) and the 100-day ($23,547) and 50-day ($23,739) EMAs. However, a drop through S1 ($22,918) and the 200-day EMA ($22,854) would give the bears a run at S2 ($22,657). A move through the 50-day EMA ($23,736) would send a bullish signal.
By Audy Castaneda
