As bears continued to maintain recent pressure on crypto markets, Bitcoin fell for the second straight session. This pressure saw ETH trade lower as it traded below $2,000 throughout the hump day.
Bitcoin
The world’s largest cryptocurrency once again traded below $30,000, as bears continue to maintain a chokehold on prices.
As of writing, BTC/USD is trading at $29,502.71, which is roughly 1% higher than yesterday’s low of $28,786.59.
Wednesday’s movement in bitcoin is ultimately a continuation of yesterday’s move, with prices now consolidating at its current range.
The range shows prices hovering around $28,800 with resistance at $30,500. This level hasn’t been broken since May early.
The price ceiling is not the only resistance. Relative strength also tracks at below 40.
We will continue to see price consolidation until we can see an upward movement beyond this point.
Ethereum
ETH moved to a lower low during today’s session, as its own price continues to trade under a key point of $2,000.
The world’s second largest cryptocurrency dropped below its support level on Tuesday, hitting an intraday low of $1,920.69 in the process.
This brought ETH/USD down $30 from its $1,950 support level. It has remained firm in this round of bearish activities.
In general, ethereum trades now at its floor in the second week. After the huge drops in April, consolidation was to expected.
You can clearly see in the chart that the 10-day moving median in red has been moving in a sideways direction. This indicates that there will be a change in momentum in the future.
Now traders wait to see whether bulls are using this signal for an indicator before re-entering market.
Will ETH’s $1,950 support level be broken this week? Please leave your comments.
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