After falling below $30,000 on Tuesday, bitcoin There was a slight rebound as the price started to consolidate above the support level. Ethereum It was also higher in today’s hump day trade, climbing above $2,400 in the process.
bitcoin
Bitcoin’s bleeding eased on Wednesday as a small rally pushed prices above $30,000.
Prices were below that level on Tuesday, as the world’s largest cryptocurrency hit an intraday low of $29,944.80.
Up to now, bitcoin/USD has risen to a high of $32,242.15, starting to move away from yesterday’s 11-month low.
At press time, the price has failed to break the key resistance at $32,500, which will bring bitcoin Back to the 2022 trading range.
After slipping off a bottom at 30.13, the 14-day RSI is now trading above that level, currently at 32.18.
Overall, Bitcoin is still oversold, but with uncertainty still pervasive in the crypto market, it’s unclear if we’ve hit a bottom bitcoins price.
Ethereum
After nearly falling below $2,100 on Tuesday, Ethereum Traded higher in today’s session, with prices closing at a key level.
Ethereum/USD hit an intraday high of $2,450.76 earlier today as bulls attempted to push the price above the $2,500 resistance line.
Despite today’s price rally, any sharp gains will be challenged by impending obstacles, especially in relative strength.
At press time, the 14-day relative strength index was tracking at 37.32, just below the 40 resistance level.
If this cap is recaptured, we might also see Ethereum over $2,500. However, price uncertainty could lead to a weakening of upside momentum.
Overall, the current price is almost 2% above yesterday’s low, with Ethereum Up 1.26% at press time.
Now is the ideal time to buy Ethereum Down, or are there more lows to come? Leave your thoughts in the comments below.
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