Bitcoin, Ethereum Technical Analysis: ETH Moves Towards $1,700, BTC Largely Unchanged

Bitcoin News

Ethereum moved closer to $1,700 in today’s session, as prices continued to rebound following recent losses. Bitcoin was largely unchanged from Tuesday’s session, as the world’s largest cryptocurrency was once again trading above $21,000. As of writing, the global crypto market cap is trading 0.43% higher.

Bitcoin

Bitcoin (BTC) continued to trade above $21,000 during Wednesday’s session, as markets consolidated following recent declines.

On Monday, BTC/USD slipped to a low of $20,955.14, however prices have since rebounded trading higher for the past two days.

Wednesday saw bitcoin hit an intraday high of $21,646.20, which is marginally above the current resistance point of $21,600.

BTC/USD – Daily Chart

Following the brief breakout of the ceiling, prices have since dropped, with BTC trading at $21,481.52 as of writing.

Earlier gains have eased as bulls opted to secure previous profits, opposed to maintaining their positions close to the point of uncertainty.

Overall, it appears that bitcoin bulls are aiming to recapture the $22,000 point, however they must first overcome this current resistance.

Ethereum

Like bitcoin, ethereum (ETH) was marginally trading higher on hump day, as prices of the token moved closer to $1,700.

ETH bulls moved the token closer to this level in today’s session, as prices hit an intraday high of $1,666.68 earlier in the day.

The move comes as ETH/USD continues to move away from last week’s lows, where the cryptocurrency fell to a bottom below its $1,550 floor.

ETH/USD – Daily Chart

Similar to BTC earlier, ethereum has seen earlier gains reduced, as the 14-day relative strength index (RSI) ran into a hurdle.

This resistance was the 49.50 level on the indicator, which has historically been an area where bears reenter the market.

As of writing, ETH is now trading below today’s high, which comes as the 10-day (red) and 25-day (blue) moving averages have finally crossed downwards.

Some see this as a signal of further upcoming declines, especially if ETH fails to break out of the $1,700 ceiling in coming days.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story

Will we now see bearish sentiment rise in ethereum in the coming days? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Articles You May Like

Germany’s Inflation Hits Double Digits for the First Time Since WWII, Parliament Reveals $195B Subsidies Package to ‘Make Prices Drop’
Biggest Movers: LINK Hits 6-Week High, UNI up 16% on Tuesday
Bank Buys Bitcoin in Kazakhstan, Country to Develop Crypto Exchange
CTFC commissioner proposes office focused on retail crypto investors
Global Manhunt for Terra Luna Founder Do Kwon After Interpol Issues Red Notice