Bitcoin, Ethereum Technical Analysis: BTC, ETH Find Price Support Ahead of US Consumer Confidence Report

Bitcoin rebounded from a one-month low Tuesday, as markets prepare for the upcoming U.S. consumer confidence report. The confidence index is expected to increase to a reading of 111.5 in July, up from 109.7 the month prior. Ethereum also bounced higher, after colliding with a key price floor.

Bitcoin

After dropping to a one-month low to start the week, bitcoin (BTC) rebounded in today’s session.

BTC/USD jumped to a peak at $29,327.86 earlier in the day, following Monday’s drop to a bottom of $28,934.29.

Bitcoin bulls rejected the pressure to settle at a support point of $28,800, and now seem to be targeting a ceiling of $30,000.



One reason why the price appears to have stabilized is the relative strength index (RSI), which found a floor of its own around 42.00.

At the time of writing, price strength is tracking at 41.90, with the next point of support around the 37.00 mark.

Currently, it appears that price will remain marginally stable above $29,000, however this could change following this afternoon’s report.

Ethereum

Ethereum (ETH) bounced from a support point of its own on Tuesday, after slipping to a multi-week low on Monday.

Following a bottom at $1,836.85 to start the week, ETH/USD marginally rose to an intraday high of $1,862.43 in today’s session.

The bounce came after ethereum moved away from a recent support point at the $1,830 mark, with $1,900 now the likely target.



Similar to bitcoin, ETH’s RSI settled at a floor around 43.00, which has played a big part in halting yesterday’s sell-off.

Now tracking at 45.00, the next visible point of resistance lies at 50.00, and a move to this point will almost certainly send ETH to $1,900.

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Do you expect US consumer confidence to fall in today’s report? Leave your thoughts in the comments below.