The release of U.S. Inflation data on Tuesday gave bitcoin prices a lift, but they were lower Wednesday. BTC traded below $40,000 throughout the session. ETH continued to trade above $3,000 during this period.
Bitcoin
Following a slight rebound in price during yesterday’s session, BTC fell below $40,000 earlier today, and has remained there throughout the day so far.
On Wednesday, BTC/USD plunged to an intraday low at $39,389.66. It happened less than 24hrs after reaching a maximum of $40.617.59.
Wednesday’s move saw prices move past the support level of $39,515. But they’ve since rallied from their lows and have moved on.
As of writing, BTC is now trading at $39,783.91, which is still 1.66% lower than yesterday’s high, with some expecting further declines.
Prominent Twitter technical analyst “Plan B” ran a poll asking his 1.7 million followers if they believed BTC will dip below $30,000, to which 45% of those who voted said “yes.”
The majority who voted “no” are likely looking at the RSI, which is currently tracking at 37, and is already oversold, and may be anticipating a more short-term realistic target of $37,000.
Ethereum
ETH was fighting to stay above $3,000 on Wednesday, as its price was also marginally lower than that of yesterday’s peak.
Wednesday’s intraday drop in ETH/USD to $3,005 was recorded After the $3,080 high, this price has fallen 2.10% by the time of writing.
Despite this fall, bulls still seem unmoved at all by uncertainty in the prices and might even try to push ETH towards resistance.
We may experience a rebound due to historical bullish sentiment about the floor at $3,000.
The chart shows that the cross-section of the 10-day moving averages and the 25-day moving averages occurred. This could indicate that the momentum is bearish.
What do you think about ETH falling further in April’s second half? Comment below to share your views.
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