Bitcoin, Ethereum Technical Analysis: BTC Consolidates Ahead of Big Week of Economic Data

Bitcoin consolidated below the $24,000 level on Feb. 27, as cryptocurrency markets prepared for a big week of economic data. Durable goods orders from the United States will be released later today, with consumer confidence figures set for Tuesday. Ethereum rose back above $1,600, following a breakout on Sunday.

Bitcoin

Bitcoin (BTC) has largely been in consolidation in today’s session, as markets prepare for a big week of U.S. economic activity data.

Following a low of $23,165.23 on Sunday, BTC/USD rose to an intraday high of $23,654.37 earlier in today’s session.

The move comes as bitcoin bulls continued to climb higher, following a breakout of the $23,000 level on Saturday.

Bitcoin chart by TradingView

Since reaching the day’s peak, prices have somewhat slipped, with the world’s largest cryptocurrency currently trading at $23,408.54.

This appears to come as the 14-day relative strength index (RSI) failed to break out of a resistance level of 53.00

As of writing, the index is currently tracking at a reading of 51.95, with the next visible point of support at 50.00.

Ethereum

Ethereum (ETH), on the other hand, has been predominantly bullish to start the week, with prices rising back above $1,600.

ETH/USD, which dropped to a bottom of $1,597.21 on Sunday, surged to a peak of $1,645.91 earlier in the day.

Prices have mostly climbed in the past few days, after falling to a low of $1,557 to start the weekend.

Ethereum chart by TradingView

Like with bitcoin, earlier gains have eased, as the RSI collided with a wall at the 54.00 mark.

Since this collision, price strength has declined, with the RSI now tracking at 53.04, and ETH trading at $1,638.06.

Should ETH bulls intend to take price back towards the $1,700 mark, the first step in this journey would be to move past the 54.00 ceiling.

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