ETH Hovers Near $1,600, As Crypto Markets Consolidate – Market Updates Bitcoin News
Ethereum hovered near $1,600 during Wednesday’s session as market volatility eased today. After a turbulent week of trading, crypto markets mostly consolidated on the hump day, with the global market cap down 0.23% at the time of writing. Bitcoin’s price was largely unchanged as it held above $20,000.
Bitcoin
Cryptocurrency markets consolidated on Wednesday, with bitcoin (BTC) largely unchanged from yesterday’s session.
After a high of $20,542.64 on Tuesday, BTC/USD was marginally lower, with today’s high at $20,425.97.
The token is now trading between a support point of $19,500 and a resistance level of $20,600, with sentiment slightly shifting towards bullish territory.
This comes as the 14-day relative strength index (RSI) broke out of a resistance point at 37.90, and is now trailing 38.60.
Looking at the chart, it looks like the index is headed towards the 42.00 mark, which has historically acted as a ceiling.
Should this target be hit, it is likely that we will see bitcoin trade at or slightly above the $20,600 resistance.
Ethereum
Ethereum (ETH) briefly edged higher on Wednesday, as the token continued to hover around the $1,600 region.
ETH/USD rallied to a high of $1,612.36 earlier today, which is close to a temporary resistance level of $1,630.
Since approaching this point, prices have since fallen, falling back below $1,600 as the bulls retreated, fearing a potential reversal.
At the time of writing, ethereum is tracking at $1,588.46, with RSI at 47.47, which is close to a ceiling of 50.00.
Bulls appear to be still aiming for a breakout of the $1,630 mark, but this is likely to happen only if relative strength moves past its own resistance point.
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Will we see ethereum climb above $1630 this week? Leave your thoughts in the comments below.
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