ETH bounces back, up 2% while BTC climbs above $30,000 – Market Update Bitcoin News

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.

Bitcoin, Ethereum Technical Analysis: ETH bounces back, up 2% while BTC climbs above $30,000
bitcoin/USD – daily chart

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.

Bitcoin, Ethereum Technical Analysis: ETH bounces back, up 2% while BTC climbs above $30,000
Ethereum/USD – daily chart

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.

Elijah Danbell

Eliman brings an eclectic perspective to market analysis, having served as a brokerage director, retail trading educator and market commentator for cryptocurrencies, stocks and foreign exchange.




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