Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Ahead of US Consumer Sentiment Report

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Bitcoin slipped below the $34,000 level earlier in today’s session, ahead of the upcoming consumer sentiment report in the United States. Data on Thursday showed that the U.S. economy grew at a rate of 4.9% in Q3, largely driven by consumer spending. Ethereum moved below the $1,800 level to start the day.

Bitcoin

Bitcoin slipped below the $34,000 mark on Friday, as markets consolidated ahead of U.S. consumer sentiment figures.

BTC/USD fell to a low at $33,762.32 earlier in today’s session, which comes following a peak at $34,649.40 the day before.

As a result of the decline, bitcoin continued to pull away from a recent 18-month high, as bears began to gradually seize market sentiment.

This comes as the relative strength index (RSI) remained in overbought territory, with a current reading of 83.68.

Bulls in the market seem reluctant to let go of their positions, and have gone on to once again push BTC above $34,000.

Overall, BTC remains nearly 15% higher than at the same time last week, despite the recent price consolidation.

Ethereum

Ethereum (ETH) also edged lower in today’s session, falling below the $1,800 mark in the process.

After reaching a high of $1,857.81 on Thursday, ETH/USD dropped to a bottom at $1,764.01 earlier in the day.

This decline has seen ETH snap a seven-day bull run, pushing the cryptocurrency away from a multi-month high in the process.

The drop coincided with the RSI failing to breach a resistance level of 74.00, and it is now tracking at a reading of 71.13.

Traders who are holding onto their long positions may begin to reconsider this, should the index fall below the 70.00 mark.

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Could we see momentum shift lower this weekend? Leave your thoughts in the comments below.