Bitcoin, Ethereum Technical Analysis: BTC Continues to Consolidate, Prices Move Slightly Above $30,000
Bitcoin moved away from Tuesday’s lows during the hump-day session, as prices were once again above $30,000. Prices have been hovering above and below this level over the last few weeks, with no significant gains in the period. ETH was also marginally higher.
The volatility in crypto markets was once again present during Wednesday’s session, as BTC moved marginally higher.
Over the last few weeks, bitcoin has continued to hover above and below the $30,000 mark, with prices once again making this move today.
Following a low of $29,445.88 on Tuesday, BTC/USD spiked to an intraday high of $31,489.68 earlier in today’s session.
This move comes as bulls once again attempted to breach the $31,500 resistance point, however as on Monday, to no avail.
As of writing, the world’s largest cryptocurrency is now trading at $30,218.01, which is still 2.5% higher than yesterday’s bottom.
However, with bulls likely closing out earlier positions, today’s gains have gradually eased, with the likelihood of prices dropping below $30,000 still on the cards.
ETH, which has also been hovering below a key price point of its own, today rose beyond that level.
The world’s second-largest crypto token fell to an intraday low of $1,729.41 on Tuesday, however hump-day has seen prices peak at $1,862.91.
This surge, which sent ethereum back above $1,800, was nearly 4% higher than yesterday’s low, however it was not enough to keep bearish sentiment away.
As of writing, and as the day progressed, ETH has fallen below $1,800 once again, as bulls likely secured earlier gains.
Overall, ETH is currently trading at $1,792.54, with a renewed level of bearish sentiment looking to push prices towards support at $1,750.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.