Bitcoin, Ethereum Technical Analysis: BTC, ETH Fall Lower, as US Consumer Confidence Hits 6-Month Low

Bitcoin erased recent gains on Wednesday, as markets reacted to the latest points of U.S. economic data. One of which being consumer confidence, which dropped to a six-month low in May. Ethereum was also lower in today’s session, dropping below $1,900.


Bitcoin (BTC) neared a breakout below $27,000 on Wednesday, as markets reacted to the latest data surrounding consumer confidence in the United States.

Following a high of $28,037.69 on Tuesday, BTC/USD slipped to an intraday low of $27,009.69 earlier in the day.

The downturn comes as momentum in the market has slightly shifted, with the global crypto market cap falling by 2.59% as of writing.

Overall, today’s decline in BTC comes despite an upcoming crossover between the 10-day (red) and 25-day (blue) moving averages.

From the chart, it appears that a failed breakout of a ceiling at 53.00 on the relative strength index (RSI) played a significant role in this.

The index is now tracking close to a floor at 46.00, with a current reading of 47.10, and should this hold, a reversal is still possible.


Ethereum (ETH) dropped below $1,900 in today’s session, as bulls retreated from a recent multi-week high.

ETH/USD sunk to a bottom at $1,860.37 earlier in today’s session, which comes after a peak of $1,914.85 the day prior.

Overall, the shift in momentum has led to ethereum moving away from a recent high of $1,928, which was the strongest point price had hit since May 8.

Looking at the chart, failure to move past a resistance level of $1,930 can be partially blamed for the change in direction.

Overall, bears now seem to be set on taking price to a support point at $1,830, with the RSI hunting for a floor of its own.

The index is now tracking at 52.60, with the next visible floor potentially at 49.00.

Register your email here to get weekly price analysis updates sent to your inbox:

What do you believe is behind today’s downturn? Leave your thoughts in the comments below.