• Bitcoin (BTC) and Ethereum (ETH) were trading lower on Feb. 28 as markets anticipated the release of the upcoming U.S. consumer confidence report.
• BTC/USD moved to an intraday low of $23,205.88 earlier in today’s session, while ETH/USD fell to a bottom of $1,615.39
• The data is expected to show a slight increase in confidence for the month which will likely result in the Federal Reserve maintaining its rate hike policy next month

Overview

This article provides an analysis of Bitcoin (BTC) and Ethereum (ETH), two major cryptocurrencies, as they slip ahead of the US Consumer Confidence Report set to be released in February 2021. The report is expected to show an increase in consumer confidence, which could potentially result in the Federal Reserve maintaining its rate hike policy next month.

Bitcoin Analysis

Bitcoin (BTC) fell for a second straight session on Tuesday, as prices flirted with a breakout below $23,000. BTC/USD moved to an intraday low of $23,205.88 earlier in today’s session, which comes less than 24 hours after hitting a high of $23,857.89. The move comes after bulls were unable to jump back above the $24,000 mark on Monday, with bears using this as an opportunity to reenter. Looking at the chart, the 14-day relative strength index (RSI) also failed to break out of a resistance of its own at 53.00 At the time of writing, the index is trading at 52.46, with bitcoin slightly higher than its earlier low..

Ethereum Analysis

In addition to bitcoin, ethereum (ETH) also stuttered in today’s session ,with prices moving close to the $1 ,600 level . Following a high of $1 ,662 .58to startthe week ,ETH / USDfelltobottomof$1 ,615 .39earlierintheday . Thisrecentdeclinecomesafterfailedattempttomovepastlongtermresistancelevelof$1 ,675 . Price strength has also hit a ceiling at the 53 .00 mark ,withtheindextrackingat52 .74 Ultimately this consolidation ,whichisalmostidenticaltobitcoin ’scomesasmarketswaitforthisafternoon ’sconsumerconfidencereportbeforedecidingwhichdirectiontotake .However ,should ETHbullsbreakthe53 .00ceilingontheRSIthereisagood chance thatpricecouldbeheadingtoorabove$1 ,700 .

Conclusion

The upcoming US Consumer Confidence Report is expected to have an effect on Bitcoin and Ethereum prices due to investors‘ anticipation for potential market movements following its release later this month. Both BTC and ETH are currently consolidating around their respective support levels as investors await further news about future policies from central banks worldwide before making any big decisions regarding their investments in cryptocurrencies like Bitcoin or Ethereum; however if bulls can break through their current ceilings on RSI then there may be room for further price appreciation over time too!