ETH Falls Below $3,000 as Crypto Gains Encounter Resistance – Market Updates Bitcoin News

As bitcoin and ethereum prices reached resistance levels, gains in cryptocurrency fell on the hump day. ETH fell below the $3,000 level, with BTC falling below its long-term ceiling of $42,500 during today’s session.

Bitcoin

As of Wednesday’s writing, the global crypto market capital was 0.9% less. This is because gains in BTC were lower on Wednesday and prices faced resistance.

Following a high of $43,336 during Tuesday’s session, BTC/USD rose to an intraday low of $41,877.51 on Wednesday.

This came as BTC was unable to sustain yesterday’s breakout from the $42,500 resistance, as bulls likely liquidated positions, securing earlier gains in the process.

However, momentum continues to trend upwards. The 10-day moving average (red), is continuing its crossing of the 25 day MA.

Bitcoin is almost 5% higher now than it was last week, in spite of recent volatility.

Should this momentum continue, a break of the 57 RSI level must occur, which is something that hasn’t taken place in over 20 days.

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Ethereum

ETH was at a one month high on yesterday but fell to below $3000 Wednesday as recent gains began to slow.

Although the value of ethereum increased more than 10% over the past week, prices fell 1.78% today as $3,020 resistance was reached.

So far in today’s session, ETH has fallen to an intraday low of $2,933.31, with some looking at the $2,844 support as a possible price target.

Like BTC the 14-day RSI indicator of the ETH chart hovers below resistance. This could continue and lead to a lower bottom.

Although bullish pressure is still present in ETH, a breakout towards resistance at $3,000.200 is possible.

Will we see today’s drop in ETH sustain for the rest of the session? 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.