Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate as June Kicks Off

Following yesterday’s gains, some bitcoin and ethereum consolidated connected Wednesday, arsenic bullish momentum eased. After rallying supra $32,000, BTC moved marginally little during the hump-day session, portion ETH erstwhile again fell beneath $2,000.

Bitcoin

BTC was trading little connected hump-day, arsenic bullish sentiment somewhat faded, pursuing yesterday’s terms surge.

Following a determination to a astir three-week highest of $32,249.86 connected Tuesday, BTC/USD dropped to a bottommost of $31,286.15 earlier today.

This driblet comes arsenic bitcoin bulls apt decided to liquidate positions, contempt prices climbing implicit the caller absorption of $30,500.

Typically aft specified a breakout — particularly aft weeks of consolidation — momentum extends, nevertheless bulls look uncertain astir further increases, hence wherefore immoderate person abandoned positions.

Looking astatine the chart, this whitethorn beryllium owed to the information that they spotted the ceiling connected the 14-day RSI of 51, which hasn’t been breached successful 3 months.

However, should comparative spot determination beyond this area, past we volition apt spot a surge heading towards $34,000.

Ethereum

Like BTC, ethereum besides moved little connected Wednesday, with prices moving beneath $2,000, and backmost towards a semipermanent support/resistance level.

ETH/USD dropped to an intraday debased of $1,918.96 earlier successful today’s session, which is simply a level that has acted arsenic some enactment and absorption successful caller weeks.

This driblet successful prices sees the world’s 2nd largest cryptocurrency present trading astir 1.59% little than yesterday’s highest astir $2,016.

Following a little breakout of its ceiling astatine 44.50 connected the Relative Strength Index, galore were expecting that prices would proceed to climb.

However, this momentum eased for the reasons discussed above, starring to immoderate choosing to unafraid earlier gains, and hold for aboriginal entries.

Once this 44.50 level is yet crossed, we volition apt spot a determination towards a higher ceiling of 50, which could spot ETH trading adjacent to $2,150.

Will we spot ETH proceed to consolidate successful this archetypal week of June? Leave your thoughts successful the comments below.