As market volatility eased today, Ethereum hovered around $1,600 during Wednesday's session. After a volatile week of trading, crypto markets consolidated on Wednesday, with the global capitalization down 0.2% as of writing. Bitcoin's price remained stable at $20,000.
Bitcoin
On Wednesday, cryptocurrency markets were consolidated with bitcoin (BTC), largely unchanged from yesterday's session.
After Tuesday's high of $20.542.64, BTC/USD was slightly lower today, at $20.425.97.
The token trades between $19,500 support and $20,600 resistance, with sentiment shifting slightly towards bullish territory.
This is the same day that the 14-day relative weakness index (RSI), broke through a resistance point at 37.90 and is now tracking at 38.60
The chart shows that the index is heading towards the 42.00 mark. This has historically been a ceiling.
If this target is met, bitcoin trading will likely be at or slightly above its resistance level of $20,600.
Ethereum
Ethereum (ETH), briefly rose higher Wednesday as it hovered around $1,600.
The ETH/USD pair reached a peak of $1612.36 earlier today. This is close to the interim resistance level at $1,630.
Prices have dropped since then, dropping below $1,600. Bulls fearing a reversal, retreated and prices fell back to this level.
As of writing, ethereum was at $1,588.46. The RSI is currently at 47.47. This is very close to the ceiling of $50.00.
Bulls still appear to be looking for a $1,630 breakout, but this will only happen if relative strength moves beyond its point of resistance.
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By: Eliman Dambell
Title: Bitcoin, Ethereum Technical Analysis: ETH Hovers Near $1,600, as Crypto Markets Consolidate
Sourced From: news.bitcoin.com/bitcoin-ethereum-technical-analysis-eth-hovers-near-1600-as-crypto-markets-consolidate/
Published Date: Wed, 31 Aug 2022 13:10:55 +0000
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