Bitcoin Slips Below Powell-Driven Highs as Ether Stalls at Peak Levels
Bitcoin has erased post-Powell gains, reinforcing bearish technical signals, while Ether shows signs of exhaustion near record highs.
Bitcoin Pulls Back to Pre-Rally Levels
Bitcoin (BTC) has retraced to levels seen before Fed Chair Jerome Powell’s dovish speech on Friday, which initially sparked optimism for a potential rate cut in September.
At last check, BTC was trading slightly above $112,000, down from its Friday peak of $117,440. The decline has cemented a lower high near the previous trendline that defined the April bullish structure—confirming the breakdown and signaling sustained bearish momentum.
Technical indicators support this narrative:
- The Guppy Multiple Moving Average (GMMA) shows short-term EMAs nearing a cross below long-term bands, often viewed as a bearish shift.
- On the weekly chart, the MACD histogram has flipped negative, suggesting building downside pressure.
Despite favorable macro signals, Bitcoin’s failure to maintain upward traction underscores the market’s fragile structure.
Key BTC Support: $110,756 (Ichimoku base), $100,887, $100,000 (200-day SMA)
Key BTC Resistance: $117,440, $120,000, $122,056
Ether Prints Doji at Record High, Bears Push Back
Ethereum (ETH) formed a doji candle on Sunday—a classic sign of market indecision—as price action at all-time highs failed to hold. While bulls briefly pushed ETH higher, strong selling pressure dragged it back by session close, leaving a prominent upper wick.
This hesitation, combined with a bearish RSI divergence (as momentum lags behind price), suggests ETH may be losing steam.
At press time, ETH is down 3% on the day to $4,624. Analysts are watching support around $4,065, the breakout level from August 20, as a critical zone.
Key ETH Support: $4,065, $4,000, $3,805 (50-day SMA)
Key ETH Resistance: $5,000 and above
Conclusion
Despite Powell’s dovish shift, Bitcoin has failed to sustain bullish momentum, while Ether shows clear signs of fatigue after its recent surge. The charts suggest caution: BTC’s lower high reinforces bearish structure, and ETH’s doji candle points to fading buyer conviction.
Sustained recovery will require a firm reclaim of recent highs and confirmation of support—otherwise, further downside could be in play.
