ETH Hovers Near $1,600, as Crypto Markets Consolidate – Market Updates Bitcoin News

Ethereum was hovering close to $1,600 during Wednesday’s session, as market volatility eased today. Crypto markets consolidated on Wednesday after a chaotic week of trading. As a result, global market capitalization fell 0.23% at the time of writing. Bitcoin’s price was mostly unchanged, as it remained above $20,000.

Bitcoin

Cryptocurrency markets consolidated on Wednesday, with bitcoin (BTC) largely unchanged from yesterday’s session.

Following a high of $20,542.64 on Tuesday, BTC/USD was marginally lower, with today’s peak standing at $20,425.97.

The price of the token currently trades between $19,500 support and $20,600 resistance, but sentiment is shifting slightly towards bullish territory.

The 14-day relative strength indicator (RSI), which was at resistance of 37.90 on the previous day, now tracks at 38.60.

It appears that the index is heading toward the 42.00 level, historically acting as a ceiling.

This target will be met if bitcoin trades at the resistance of $20,000.

Ethereum

Ethereum (ETH), briefly rose on Wednesday as it hovered around $1,600.

Today’s ETH/USD spike reached $1,612.36, close to $1,630 interim resistance.

Prices have dropped since then, dropping below $1,600. Bulls fearing a reversal, retreated and prices fell back to this level.

As of this writing, ethereum was at $1,588.46. The RSI is currently at 47.47. This is very close to the ceiling of $50.00.

Bulls still appear to be in pursuit of a $1,630 breakout, but this is unlikely to happen unless relative strength surpasses its resistance.

Are we likely to see ethereum rise above $1630 by the end of this week? Comment below to share your views.

Eliman Dambell

Eliman is a market analyst with a diverse perspective. He has worked in various capacities, including as a retail trading teacher, brokerage director, and market commentator for Crypto, Stocks, and FX.