Bitcoin, Ethereum Technical Analysis: Bitcoin Rebounds, as Russia Looks to Regulate Crypto

Following terms consolidation connected Tuesday, bitcoin prices rebounded connected hump-day, arsenic markets reacted to the quality that Russia volition regulate, and not ban, crypto.

Bitcoin

Bitcoin was marginally higher connected Wednesday, arsenic the world’s largest cryptocurrency received a boost from the quality surrounding Russia.

BTC/USD roseate to an intraday precocious of $44,312.45 during today’s session, arsenic bulls re-entered the contention pursuing yesterday’s consolidation

The determination has seen prices caput person to the $45,000 level, nevertheless bitcoin volition archetypal request to flooded absorption astatine $44,800.

Still, pursuing the upside crossover of the moving averages of 10 days (red) and 25 days (blue), galore judge it is inevitable that prices volition marque a tally to $50,000.

BTC/USD – Daily Chart

This whitethorn beryllium a bull trap, arsenic the 14-RSI suggests otherwise, presently tracking astatine 63.5, which is not lone successful overbought territory, but besides the highest level it has recorded since November.

Many judge that the ceiling for terms spot could beryllium 68 connected a regular chart, which whitethorn dent hopes for longer-term bulls, astatine slightest for now.

Ethereum

Ethereum was approaching a three-week precocious during Wednesday’s session, arsenic prices moved person to their semipermanent absorption of $3,400.

ETH/USD roseate to an intraday precocious of $3,163.40 connected Tuesday, arsenic bulls bought astatine enactment of $3,022.

This determination comes arsenic the 14-day RSI is presently tracking astatine 59, which is its highest level since November 12, erstwhile prices were northbound of $4,400.

ETH/USD – Daily Chart

Similar to BTC, the upside crossover with the moving averages has continued to mature, nevertheless with terms spot presently overbought, bears whitethorn inactive beryllium lurking.

Will determination beryllium immoderate further hurdles for ETH connected the mode to $3,400? Leave your thoughts successful the comments below.

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