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After rising on Tuesday following the release of U.S. inflation data, bitcoin prices fell again on Wednesday. BTC mostly traded below $40,000 during the session, while ETH continues to hold above the $3,000 level.
Bitcoin
After a small bounce in price during yesterday’s session, BTC fell below $40,000 today and remained there throughout the day.
BTC/USD fell to an intraday low of $39,389.66 on Wednesday, less than 24 hours after peaking at $40,617.59.
During Wednesday’s move, prices broke through the $39,515 support level. After that, however, they began a rally, moving away from those lows.
At the time of writing, BTC is now trading at $39,783.91, down 1.66% from yesterday’s high, and some expect further declines.
Most who voted “no” are probably looking at the RSI, which is currently at 37 and already oversold, and may be expecting a more short-term realistic target of $37,000.
Ethereum
{ETH struggled to stay above $3,000 on Wednesday, as its price was also slightly below yesterday’s peak.
On Wednesday, ETH/USD fell to an intraday low of $3,005after a previous high of $3,080, bringing the price down 2.10% at the time of writing.
Despite this drop, the bulls still don’t seem to be bothered by price uncertainty and may even try to steer ETH back toward resistance.
Short-term resistance is at $3.145, and with historical bullish sentiment around the current $3.050 level, we could see a rebound.
However, looking at the chart, we can see a cross between the 10-day and 25-day moving averages, which could be a sign that momentum could indeed be bearish.
Image credits: Shutterstock, Pixabay, Wiki Commons
