Ethereum moved closer to $1,700 in today’s session, as prices continued to rebound following recent losses. Bitcoin was largely unchanged from Tuesday’s session, as the world’s largest cryptocurrency was once again trading above $21,000. The global cryptocurrency market cap was 0.433% higher as of this writing.
Bitcoin
Bitcoin (BTC) continued to trade above $21,000 during Wednesday’s session, as markets consolidated following recent declines.
The BTC/USD traded at $20,955.14 on Monday. However, the prices have been trading higher in recent days.
Bitcoin reached an intraday peak of $21,646.20 on Wednesday, just slightly above its current resistance level of $21,600.
Prices have dropped since the price of Bitcoin reached $21,481.52 after the temporary breach of its ceiling.
Bulls have seen their gains decrease in the past as they chose to preserve previous profits rather than keep them close to the level of uncertainty.
It seems that the bitcoin bulls want to reclaim $22,000 but must overcome current resistance.
Ethereum
Ethereum (ETH), which is similar to bitcoin, traded marginally higher during the hump day as token prices moved closer toward $1,700.
ETH bulls moved the token closer to this level in today’s session, as prices hit an intraday high of $1,666.68 earlier in the day.
The move comes as ETH/USD continues to move away from last week’s lows, where the cryptocurrency fell to a bottom below its $1,550 floor.
Ethereum, like BTC, has experienced earlier gains decreases as the 14 day relative strength index (RSI), ran into a problem.
It was located at the 49.50 mark on the indicator. This is historically an area in which bears return to the market.
As of writing, ETH is now trading below today’s high, which comes as the 10-day (red) and 25-day (blue) moving averages have finally crossed downwards.
Some view this as a warning sign that ETH will continue to decline, particularly if it fails to surpass the $1700 ceiling in the coming days.
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