Ethereum hovered near $1,600 during Wednesday’s session as market volatility eased today. After a turbulent week of trading, the crypto market has mostly consolidated into a hump day, with global market capitalization down 0.23% at the time of writing. The price of bitcoin remained little changed, holding above $20,000.
Bitcoin
The cryptocurrency markets consolidated on Wednesday, with Bitcoin (BTC) largely unchanged from yesterday’s session.
After hitting a high of $20,542.64 on Tuesday,BTC/USD fell slightly, peaking today at $20,425.97.
The token is now trading between the $19,500 support point and the $20,600 resistance level, with sentiment moving into slightly bullish territory.
This is due to the 14-day Relative Strength Index (RSI) breaking through the resistance point at 37.90 and currently at 38.60.
Looking at the chart, it appears to be heading toward the 42.00 mark, which has historically served as a ceiling.
If this target is hit, bitcoin could trade at or slightly above $20,600 resistance.
Ethereum
Ethereum (ETH) briefly rose higher on Wednesday, with the token continuing to hover near $1,600.
For ETH/USD, it ran up to a peak of $1612.36 earlier today, which is close to the $1630 intermediate resistance line.
Since approaching this point, prices have since fallen back, with bulls retreating back below $1,600 on fears of a possible reversal.
At the time of writing, Ethereum is tracking at $1588.46 and the RSI is currently at 47.47, approaching the 50.00 ceiling.
The bulls still seem to be targeting a break above $1630, but this will likely only occur if relative strength moves above its own resistance point.
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