ETH Drops, Two-Day Winning Streak Ends on Hump Day – Market Update Bitcoin News

Bitcoin hit a hurdle on Hump Day as the world’s largest crypto token turned lower after a strong start to the week. Ethereum There was also a dip in today’s trade, with prices back towards the $1,000 mark.

bitcoin

After rising for two consecutive days, bitcoin The hump day is lower as the bears appear to be re-entering the market.

bitcoin/USD is down nearly 3% at the time of writing after hitting an intraday low of $20,045.63 earlier today.

The move comes after prices failed to sustain yesterday’s breakout of resistance at $21,000.

Bitcoin, Ethereum Technical Analysis: ETH falls as hump day ends two-day winning streak
bitcoin/USD – daily chart

Usually after such a false breakout, this serves as a signal for the bears to regain momentum, but there still seems to be a certain level of uncertainty.

After today’s prior low, bitcoin It is now trading up nearly $500, which shows that the bullish sentiment of the past two days is still in place.

Nonetheless, the bears may try to test this sentiment and try to push Bitcoin off the $20,000 cliff in the coming days.

Ethereum

Ethereum itself is also a cliff, as bears again pushed the price closer to $1,000 in today’s trade.

After peaking at $1,185.43 on Tuesday, Ethereum/USD fell to a bottom at $1,073.88 on the hump day.

this is over EthereumWith its first two-day gain since June 5, the coin is trading around 4% lower at the time of writing.

Bitcoin, Ethereum Technical Analysis: ETH falls as hump day ends two-day winning streak
Ethereum/USD – daily chart

Thanks to the harvest of these days, Ethereum From Sunday’s 7-day average down nearly 40%, it’s down just 2.95% last week.

Overall, momentum for the world’s second-largest coin remains bearish, with some expecting a recovery to $800.

However, if we see a breakout of resistance at 30 on the 14-day RSI, the bullish pressure this week is likely to persist.

we will see Ethereum $800 or $1,200 first? 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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