Bitcoin fell for the second consecutive session as bears maintained recent pressure on the crypto market. This pressure was also seen inETHwhich stayed low as it continued to trade below $2,000 during hump day.
Bitcoin
The world’s largest cryptocurrency traded below $30,000 again, with bears continuing to choke off prices.
At the time of writing,BTC/USD is trading at $29,502.71, roughly 1% higher than yesterday’s low of $28,786.59.
Wednesday’s bitcoin move is ultimately a continuation of yesterday’s move, with prices now consolidating in their current range.
In this range, price is hovering at the $28,800 bottom and the $30,500 resistance level has not truly been broken since early May.
In addition to the price ceiling, relative strength is tracking at its own resistance point below 40.
Until we see a move above this point, we will likely see a continuation of the current price consolidation.
Ethereum
60} ETHmoved lower during today’s session as its own price continues to trade below the key point of $2000.
The world’s second-largest cryptocurrency fell below support levels on Tuesday, hitting an intraday low of $1,920.69 in the process.
This saw theETH/USD hold mostly firm during this latest round of bearish activity, about $30 below the $1950 support level.
Overall, Ethereum is entering its second week of trading at current lows. However, a consolidation was expected following a significant decline in April and May.
The chart shows that the red 10-day moving average has remained flat, strongly suggesting a change in momentum going forward.
Traders will now wait to see if the bulls use this signal as an indicator before re-entering the market.
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