Bitcoin and Ethereum consolidate Monday as markets remain sluggish after Christmas

Crypto-currencies were mostly consolidated on December 26, as markets remained muted after the Christmas weekend. Bitcoin remained marginally above a key support point at $16,800, while ethereum remained near a ceiling at the $1,230 mark. Overall, the global crypto market is up 0.20 percent at the time of writing.

Bitcoin

Bitcoin remained slightly above a ceiling at the $16,800 level to start the week, as markets remained largely unchanged after the Christmas weekend.

Trading volume typically slows down during the holiday season, as most financial markets are closed. However, the crypto-currency markets remained open, with trading volumes increasing. BTC is closing in on the $17,000 level.

As seen on the chart, bitcoin hit a high of $16,908.86 earlier in today’s session, which is slightly above Sunday’s low of $16,755.25.

The move comes as the 14-day Relative Strength Index (RSI) approached a key ceiling at 49.00. Currently, the index is at the 47.55 level, and the bulls should continue to push toward the aforementioned resistance level.

Ethereum

Like BTC, ethereum mostly consolidated on Monday, with prices continuing to trade below the $1,230 mark. After a low of $1,203.72 on Christmas Day, Ethereum hit a high of $1,222.61 earlier in today’s session.

As a result of today’s move, ethereum continued to trade below its key resistance level of $1,230 for a sixth consecutive day.

Looking at the chart, the failure to break this point comes as the RSI continues to hover near a clean resistance at 48.00. At the time of writing, the index is at 47.33, having spent two weeks below 48.00.

Despite this, the 10-day moving average (MA) (red) has begun to close in on its 25-day counterpart (blue), which could mean an upside crossover is in store in the coming days.