ETH rebounds on Thursday, less than a week before “The Merge” – Market Updates Bitcoin News
Ethereum was back in the green on Thursday, as bulls returned to action after yesterday’s selloff. The token rose over 8% in today’s session as prices once again climbed above the $1,600 level. Bitcoin also bounced back in today’s session, moving back above $19,000. Overall, crypto markets are trading 4.39% higher at the time of writing.
Bitcoin
After falling to a multi-month low on Thursday, bitcoin (BTC) rebounded in today’s session as prices climbed back above $19,000.
BTC/USD rose to an intraday high of $19,427.17 earlier today, which comes less than 24 hours after hitting a low of $18,710.09.
The rebound saw bitcoin move away from its lowest point since June 18, with the token now trading near a support level of $19,200
Looking at the chart, the relative strength index (RSI) remains in oversold territory, with the index at 34.84 at the time of writing.
A ceiling of 38.00 now awaits if the token continues to rise, and could act as a potential obstacle for prices to climb further.
However, should BTC move beyond this point, bulls could look to take prices closer to the $20,000 point.
Ethereum
Ethereum (ETH) was back in the green as bulls re-entered the market, buying yesterday’s dip in the process.
After a low of $1,505.95 on Wednesday, ETH/USD rallied to an intraday high of $1,651.05 during Thursday’s session.
The move comes as ethereum bounced off the $1,550 floor earlier in today’s session, following a false breakout below that point yesterday.
Although bulls are still targeting a ceiling of $1,700, price volatility has increased, following a move above resistance at $1,614.
ETH has now fallen from previous highs, which comes as a result of potential profit taking, with previous bulls opting to secure gains.
At the time of writing, the token is trading at $1,622.92, less than six days before the start of The Merge event.
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Can ethereum reach $1700 before the end of the week? Leave your thoughts in the comments below.
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