After falling below $30,000 on Tuesday, BTC rebounded slightly as prices began to consolidate above support. ETH also rose during today’s hump session, rising above $2,400 in the process.
Bitcoin
On Wednesday, bitcoin’s bleeding somewhat eased as a minor bounce pushed the price above $30,000.
On Tuesday, prices traded below that level as the world’s largest cryptocurrency hit an intraday low of $29,944.80.
As of today, BTC/USD has risen to a peak of $32,242.15, beginning to pull back from yesterday’s eleven-month low.
At the time of writing, prices have failed to break beyond the key $32,500 resistance level, which would bring BTC back into the 2022 trading range.
After falling from the 30.13 level, the 14-day RSI is now above that level and is currently at 32.18.
Overall, bitcoin is still oversold, but with the uncertainty in the cryptocurrency markets, it is still unclear if we have bottomed out . BTC‘price.
Ethereum
After nearly dipping below $2,100 on Tuesday, ETH traded higher in today’s session, with prices approaching a key level.
ETH/USD hit an intraday peak of $2,450.76 earlier today as bulls try to push prices above the $2,500 resistance line.
Despite today’s price bounce, any significant bounce will be complicated by upcoming hurdles, especially in terms of relative strength.
At the time of writing, the 14-day Relative Strength Index is at 37.32, just below the resistance level of 40.
If this ceiling is recaptured, we are also likely to see ETH above $2,500. However, price uncertainty is likely to result in a lower upward momentum.
Overall, prices are currently trading nearly 2% above yesterday’s low, with ETH up 1.26% at the time of writing.
Image credits: Shutterstock, Pixabay, Wiki Commons