Following Tuesday’s price surge, bitcoin was trading lower during today’s session, as markets hit a key resistance point. This is because ETH traded below $3,000 once more. The crypto market cap has fallen by 1.87% as of this writing
Bitcoin
BTC bulls ran into a stumbling block on Wednesday, as traders appeared to once again short the world’s largest cryptocurrency.
Following a high of $44,793.60 yesterday, BTC/USD hit an intraday low of $43,307.96 earlier in today’s session.
BTC trades down 2.42% per day as of writing. It is trading at $43,637.72 and the 14-day RSI track at 58.7.
Looking at the chart, Wednesday’s move occurred after BTC failed to break out of the $44,870 resistance level, which has historically been a point where bears entered.
As in February 16th, these bears stopped bullish activity. Many are now anticipating more consolidation of bitcoin.
As the RSI ceiling stood at 62, price strength began to decline.
Sellers could target the $42,120 floor if they are looking for more consolidation.
Ethereum
After breaking through its resistance levels on Tuesday, the price for Ethereum was slightly lower Wednesday as it traded at below $3,000.
Earlier in today’s session, ETH/USD hit a three-week intraday high of $3,045. But these gains weren’t sustainable.
As of writing, ETH has since dropped to a low of $2,907.46, as yesterday’s move has matured into a false breakout.
Bears may consider reducing ethereum prices below $2,880 if the bearish pressure continues to build throughout the remainder of the session.
Relatively, bulls still have the potential to target $3,200, although any further drops could decrease these prospects, as prices tend to consolidate.
Is today’s drop in ETH only a temporal one? Comment below to share your views.
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