ETH Remains Above $3,000 as Markets Consolidate – Market Updates Bitcoin News

Following yesterday’s rally in crypto, prices consolidated on Wednesday, as markets were once again fearful of escalating tensions between Russia and Ukraine. NATO said that Russia increased troops at its border rather than sending any back.

Bitcoin

BTC lost 1.40% yesterday after it appeared that it would surpass the $45,000 threshold.

As markets prepare for consolidation, bitcoin’s value hit an intraday high of $44,667.22 but fell to $43,622.02 later in the day.

The market has been fixed on $46,000 as long-term resistance. However, a lower-term ceiling of $44,800 appears to be the biggest obstacle.

The Relative Strength Index, (RSI), of 14-days has fallen to 56. This level seems like a support level.

Although prices have not fallen below this level yet, it is likely that markets will be flooded with bears pushing BTC/USD down to the floor.

The floor can be found in the $41,800 area. If current momentum continues, we may see it tested.

Ethereum

Ethereum fell slightly on Wednesday. However, it managed to stay above the key level at $3,000.

Yesterday, the ETH/USD pair broke through its resistance of $3.022, and appeared poised to make a move towards $3.290, its upper ceiling.

But, the move was short-lived and ETH plummeted to an intraday low at $3,072.03.

Despite the decline in prices, the 14-day RSI is still not at its long-term level at 51. It currently tracks at 53.

Bulls looking for a reverse could find this positive, while bears are waiting to see if there is more downward pressure.

Do you think this is a good time to get the dip? Comment below to share your views.

Eliman Dambell

Eliman has a broad perspective on market analysis. He is a former brokerage director and retail trading teacher, and a market commentator for Crypto, Stocks and FX.