Ethereum was back in the green on Thursday, as bulls returned to action following yesterday’s sell-off. The token rose by over 8% in today’s session, as prices once again climbed above the $1,600 level. Bitcoin also rebounded in today’s session, moving back above $19,000. As of this writing, the crypto market is trading at 4.39% more.
Bitcoin
After slipping to a multi-month low on Thursday, bitcoin (BTC) rebounded in today’s session, as prices rose back above $19,000.
BTC/USD rose to $19.427.17 intraday earlier today. This comes just 24 hours after the bottom of $18,710.09.
Bitcoin recovered from the lowest level since June 18th, and is now trading at $19,200.
The chart shows that the relative strength indicator (RSI), is currently in an oversold area. It was tracking at 34.84 at time of writing.
Should the token rise further, there is a limit of 38.00. It may be a barrier to price increases.
If BTC continues to move above this point bulls could look to bring prices to around $20,000
Ethereum
Ethereum (ETH) was back in the green, as bulls once again re-entered the market, buying yesterday’s dip in the process.
Following a low of $1,505.95 on Wednesday, ETH/USD raced to an intraday peak of $1,651.05 during Thursday’s session.
The move comes as ethereum bounced from its floor of $1,550 earlier in today’s session, after a false breakout below this point yesterday.
While bulls remain focused on $1700 as their ceiling, volatility in the price of gold has increased following a break above $1614.
ETH is now down from its earlier highs. This can be attributed to potential profit taking by bulls who opted for gains.
The token trades at $1622.92 today, less than six business days before The Merge event.
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