Bitcoin, Ethereum Technical Analysis: ETH Falls Below $3,000 as Crypto Gains Encounter Resistance
Gains in cryptocurrencies slowed down on hump-day, as bitcoin and ethereum prices hit resistance levels. ETH fell below the $3,000 level, with BTC falling below its long-term ceiling of $42,500 during today’s session. Bitcoin
The global crypto market cap was 0.69% lower as of writing, as gains in BTC eased on Wednesday, and prices encountered resistance.
Following a high of $43,336 during Tuesday’s session, BTC/USD rose to an intraday low of $41,877.51 on Wednesday.
This came as BTC was unable to sustain yesterday’s breakout from the $42,500 resistance, as bulls likely liquidated positions, securing earlier gains in the process. BTC/USD – Daily Chart
Despite this, momentum is still trending upwards, with the 10-day (red) moving average continuing its cross of the 25-day MA.
As a result, bitcoin is now nearly 5% higher than at the same point last week, despite the recent uncertainty in price action.
Should this momentum continue, a break of the 57 RSI level must occur, which is something that hasn’t taken place in over 20 days.
. Ethereum
After climbing to a one-month high yesterday, ETH fell below $3,000 on Wednesday, as the strength of recent gains somewhat eased.
The value of ethereum has increased by over 10% in the last week, however prices were down 1.78% today, as its $3,020 resistance was hit.
So far in today’s session, ETH has fallen to an intraday low of $2,933.31, with some looking at the $2,844 support as a possible price target. ETH/USD – Daily Chart
Similar to BTC, the 14-day RSI indicator on the ETH chart is currently hovering below resistance, if this does continue, we could see a lower low.
However, bullish pressure still remains in ETH, so a breakout towards resistance of $3,200 is also likely. Tags in this story BTC, ETH, Technical Analysis
Will we see today’s drop in ETH sustain for the rest of the session? Leave your thoughts in the comments below. Eliman Dambell
Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Biggest Movers: ETC up 80% in the Last Week, as Loopring Gains 42% on Wednesday MARKET UPDATES | 5 hours ago Biggest Movers: BCH up 30% in the Last Week, ADA, HNT Higher on Tuesday MARKET UPDATES | 1 day ago
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