ETH Moves Towards $1,700, BTC Virtually Unchanged – Bitcoin News Market Updates

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Ethereum edged closer to $1,700 in today’s session as prices continued to rebound from recent losses. Bitcoin remained 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 up 0.43%.

Bitcoin

Bitcoin (BTC) continued to trade above $21,000 in Wednesday’s session as markets consolidated after recent declines.

On Monday, BTC/USD slid to a low of $20,955.14, but prices have since rebounded trading higher over the past two days.

On Wednesday, bitcoin hit an intraday high of $21,646.20, which is slightly above the current resistance point of $21,600.

Bitcoin, Ethereum technical analysis: ETH heading towards $1,700, BTC virtually unchanged
BTC/USD – Daily Chart

After the brief break of the cap, prices have since fallen, with BTC trading at $21,481.52 at the time of writing.

Earlier gains faded as bulls opted to secure earlier gains, rather than maintain positions near the point of uncertainty.

All in all, it looks like the Bitcoin bulls are aiming to retake the $22,000 point, but they need to overcome this current resistance first.

Ethereum

Like bitcoin, Ethereum (ETH) was trading slightly higher on the day of the bump, as prices for the token approached $1,700.

ETH bulls pushed the token closer to that level in today’s session, as prices hit an intraday high of $1,666.68 earlier today.

The move comes as ETH/USD continues to pull back from last week’s lows, where the cryptocurrency fell below its low of $1,550.

Bitcoin, Ethereum technical analysis: ETH heading towards $1,700, BTC virtually unchanged
ETH/USD – Daily Chart

Similar to BTC earlier, Ethereum saw its earlier gains pared as the 14-day Relative Strength Index (RSI) hit a snag.

This resistance was the 49.50 level on the indicator, which has always been an area where bears re-enter the market.

As of this writing, ETH is now trading below today’s high, which comes as the 10-day (red) and 25-day (blue) moving averages have finally moved lower.

Some see this as a signal for further lows to come, especially if ETH fails to break above the $1,700 cap in the coming days.

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Will we now see a rising bearish sentiment in Ethereum in the coming days? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic perspective to market analysis, having worked as a brokerage manager, retail educator, and market commentator in crypto, stocks, and FX.




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