BTC gained marginally on Tuesday’s drop below $30,000 and began consolidating above support. ETH was also higher in today’s hump-day session, climbing above $2,400 in the process.
Bitcoin
Bitcoin’s bleeding somewhat eased on Wednesday, as a marginal rebound pushed the price above $30,000.
Prices were trading below this level on Tuesday, as the world’s largest cryptocurrency hit an intraday low of $29,944.80.
So far today, BTC/USD has risen to a peak of $32,242.15, as it begins to move away from yesterday’s eleven-month low.
At the time of writing prices are still below $32,500 resistance, which would put BTC back in its 2022 trading range.
After slippage at its floor of 30.13 the 14-day RSI now tracks above that level and currently stands at 32.18.
Overall, bitcoin is still oversold, however with uncertainty in crypto markets still rife, it is unclear if we have hit a bottom in BTC’s price.
Ethereum
After almost going below $2,100 on Tuesday, ETH was trading higher during today’s session, with prices closing in on a key level.
As bulls try to raise prices above $2,500, ETH/USD reached an intraday maximum of $2,450.76 today.
Despite today’s rebound in price, any significant surges will be challenged by upcoming hurdles, especially in terms of relative strength.
The 14-day Relative Strength Index was at 37.32 as of this writing. This is slightly below the resistance of 40.
If this ceiling is re-captured we may also see Ethereum above $2,500. However, rising price uncertainty could lead to decreased upwards momentum.
Overall, prices are currently trading nearly 2% higher than yesterday’s low, with ETH up 1.26% as of writing.
Are you looking for a good time to purchase an ETH dip? Or are there lower prices ahead of us? Comment below to share your views.
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