Bitcoin and ethereum prices declined in trading on Friday, November 3, 2023, as technical oscillators flashed mixed signals for the two largest cryptocurrencies by market capitalization.
Bitcoin
Bitcoin (BTC) fell 3.3% to $34,195 amid light trading volume of $20.79 billion over the last 24 hours. The relative strength index (RSI) reading of 70 indicates bitcoin is approaching overbought levels, while the Stochastic oscillator of 86 suggests the crypto may be due for some more pullback.
The commodity channel index (CCI) of 60 reflects that BTC is still trading within the upper half of its recent price range. The ten-day simple moving average (SMA) of $34,494 represents near-term resistance, while the longer-term 50-day and 100-day SMAs of $29,072 and $28,261 signal ongoing positive momentum.
Despite this, the RSI’s descent towards a bearish divergence, coupled with the absence of any forthcoming spot bitcoin exchange-traded fund (ETF) announcements, hints that a downward price correction could be on the horizon. Should this occur, the $33,000 and $32,500 levels are likely to emerge as critical support thresholds to keep an eye on.
Ethereum
Ethereum (ETH) dropped 2.8% to $1,785 during the past 24 hours, with $13.19 billion worth of ether changing hands over 24 hours. The RSI of 61.4 implies ethereum has room to rise before overbought conditions materialize.
Meanwhile, the Stochastic level of 79.9 indicates the crypto asset is approaching overbought territory on the daily chart. The CCI reading of 51.4 reflects ether trading in the middle of its band. The 10-day SMA at $1,800 is close resistance, while the 50-day and 100-day SMAs at $1,656 and $1,693 denote some leftover bullish momentum.
Ethereum has witnessed a significant uptick in exchange inflows, reaching a five-month high with a surge of nearly 130,000 ether deposited into exchanges. Over the past fortnight, it has risen more than 10% and over the past month, over 8%. Ether has recorded $13.19 billion in 24-hour trade volume on Friday.
Today’s Bitcoin and Ethereum Market Verdict
Overall, the oscillators show both leading cryptos remain supported but a near-term pullback looks likely given the proximity to overbought levels on the Stochastic. The moving averages confirm the established uptrends remain intact, with any dips representing potential buying opportunities. Traders may look to take some profits near-term while maintaining a bullish intermediate-term outlook on bitcoin (BTC) and ethereum (ETH).
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What do you think about bitcoin’s and ethereum’s price action on Friday? Share your thoughts and opinions about this subject in the comments section below.
Source: Bitcoin
