ETH Moves Towards $1,700, BTC Mostly Unchanged – Market Updates Bitcoin News
Ethereum moved closer to $1,700 in today’s session, as prices continued to rise after recent losses. Bitcoin was largely unchanged from Tuesday’s session, as the world’s largest cryptocurrency once again traded above $21,000. At the time of writing, the global crypto market cap is trading 0.43% higher.
Bitcoin
Bitcoin (BTC) continued to trade above $21,000 during Wednesday’s session, as markets consolidated after recent declines.
On Monday, BTC/USD fell to a low of $20,955.14, but prices have since rallied to trade higher over the past two days.
On Wednesday, bitcoin saw an intraday high of $21,646.20, which is marginally above the current resistance point of $21,600.
After the brief breakout from the ceiling, prices have since fallen, with BTC trading at $21,481.52 at the time of writing.
Past gains have faded as bulls chose to hedge past gains, as opposed to maintaining their positions near the point of uncertainty.
Overall, bitcoin bulls seem to be aiming to recapture the $22,000 point, but they need to overcome this current resistance first.
Ethereum
Like bitcoin, ethereum (ETH) traded marginally higher on the hump day, as prices of the token moved closer to $1,700.
ETH bulls moved the token closer to this level in today’s session, as prices touched an intraday high of $1,666.68 earlier in the day.
The move comes as ETH/USD continues to move away from last week’s lows, where the cryptocurrency fell to a bottom below the $1,550 floor level.
Like BTC in the past, ethereum has seen previous gains pared, as the 14-day relative strength index (RSI) ran into a barrier.
That resistance was the 49.50 level on the indicator, which historically has been an area where bears re-enter the market.
At the time of writing, ETH is now trading below today’s high, which comes as the 10-day (red) and 25-day (blue) moving averages have finally crossed to the downside.
Some see this as a signal of further declines to come, especially if ETH fails to break out of the $1,700 ceiling in the coming days.
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Will we now see bearish sentiment rise in ethereum in the coming days? Leave your thoughts in the comments below.
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