Bitcoin, Ethereum Technical Analysis: ETH Bounces Back, up 2%, While BTC Climbs Above $30,000

Following a autumn beneath $30,000 connected Tuesday, BTC marginally rebounded, arsenic prices began to consolidate supra support. ETH was besides higher successful today’s hump-day session, climbing supra $2,400 successful the process.

Bitcoin

Bitcoin’s bleeding somewhat eased connected Wednesday, arsenic a marginal rebound pushed the terms supra $30,000.

Prices were trading beneath this level connected Tuesday, arsenic the world’s largest cryptocurrency deed an intraday debased of $29,944.80.

So acold today, BTC/USD has risen to a highest of $32,242.15, arsenic it begins to determination distant from yesterday’s eleven-month low.

BTC/USD – Daily Chart

As of writing, prices person failed to breakout beyond a cardinal absorption level astatine $32,500, which would bring BTC backmost into its 2022 trading range.

Following slippage from its ain level of 30.13, the 14-day RSI is present tracking supra this level, and is presently astatine 32.18.

Overall, bitcoin is inactive oversold, nevertheless with uncertainty successful crypto markets inactive rife, it is unclear if we person deed a bottommost successful BTC’s price.

Ethereum

After astir going beneath $2,100 connected Tuesday, ETH was trading higher during today’s session, with prices closing successful connected a cardinal level.

ETH/USD deed an intraday highest of $2,450.76 earlier today, arsenic bulls effort to assistance prices supra the $2,500 absorption line.

Despite today’s rebound successful price, immoderate important surges volition beryllium challenged by upcoming hurdles, particularly successful presumption of comparative strength.

ETH/USD – Daily Chart

As of writing, the 14-day Relative Strength Index is tracking astatine 37.32, which is somewhat nether absorption of 40.

Should this ceiling beryllium re-captured, we volition besides apt spot ETH supra $2,500. However, terms uncertainty volition apt pb to a diminution successful upwards momentum.

Overall, prices are presently trading astir 2% higher than yesterday’s low, with ETH up 1.26% arsenic of writing.

Is present an perfect clip to bargain an ETH dip, oregon are determination much lows ahead? Leave your thoughts successful the comments below.

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