Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
Bitcoin and Ethereum Technical Outlook: Have They Run Their Course?

Bitcoin and Ethereum Technical Outlook: Have They Run Their Course?

Manish Jaradi, Strategist

Bitcoin, BTC/USD, Ethereum, ETH/USD - Technical Outlook:

  • Bitcoin is testing tough resistance, which in the past has led to a retreat.
  • Ethereum rally appears to be losing steam.
  • What is the outlook for BTC/USD and ETH/USD and the key levels to watch?

Bitcoin Forecast
Bitcoin Forecast
Recommended by Manish Jaradi
Get Your Free Bitcoin Forecast
Get My Guide


Bitcoin’s rebound has run into tough resistance, raising the risk of a retreat, or possibly a retest of the June low.

BTC/USD has maintained a gradual drift higher in recent weeks, nicely guided by an upward-sloping channel from September. The top end of the channel is an uptrend line (now at 21250) while the lower edge of the channel is another uptrend line (now at 18950). The top end also coincides with the 89-day moving average – the rebounds in August and September were capped by the moving average.

The two-steps-forward-one-step-back kind of recovery, similar to the corrections since mid-2022, means the current rebound is not any different from the previous dead-cat bounces. That is, those minor rallies were corrective, rather than a start of a new uptrend.

BTC/USD Daily Chart


Chart Created Using TradingView

For the downward pressure to fade, BTC/USD would need to rise above key converged resistance on the 200-day moving average (now at about 23770) and the August high of 25201. Until then, the path of least resistance is sideways to down. Interim resistance is at the September high of 22774.

From a half-glass-full perspective, the rise since September could well be part of the broader base-building process, typically classified by retests of the lows and fragile/choppy rebounds. In this regard, BTC/USD needs to hold above the June low of 17590 for the base-building view to remain intact. Immediate support is at Thursday’s low of 20040. Any break below the support would indicate that the short-term upward pressure had eased.



A negative momentum divergence (rising price associated with declining momentum) on the daily charts raises the odds that Ethereum’s recent rally may have run its course.

ETH/USD’s three-week-long rally is testing quite strong resistance on the 200-day moving average, not too far from another ceiling at the September high of 1790. Also, as noted in the previous update, ETH/USD has achieved the price objective of the horizontal channel that got triggered at the end of October.

ETH/USD Daily Chart


Chart Created Using TradingView

Any break below last week’s low of 1502 would trigger a minor double top (the October 29 and the November 6 highs), implying a potential fall towards 1350. However, there is strong support at the September-October lows of around 1193-1220.

Cryptocurrency Trading
Cryptocurrency Trading
Recommended by Manish Jaradi
Get Your Free Introduction To Cryptocurrency Trading
Get My Guide

--- Written by Manish Jaradi, Strategist for

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.