Bitcoin, Ethereum Technical Analysis: ETH Down, as Two-Day Winning Streak Ends on Hump Day

Bitcoin deed a hurdle connected hump day, arsenic the world’s largest crypto token moved lower, pursuing beardown gains to commencement the week. ETH besides slipped during today’s session, with prices moving backmost towards the $1,000 mark.

Bitcoin

Following 2 consecutive days of gains, BTC was little connected hump day, arsenic bears seemingly re-entered the marketplace.

BTC/USD is down by astir 3% arsenic of writing, aft hitting an intraday debased of $20,045.63 earlier successful today’s session.

This determination comes aft prices failed to prolong a breakout of yesterday’s absorption level astatine the $21,000 mark.

Typically aft specified a mendacious breakout, this acts arsenic a awesome to bears to retake momentum, nevertheless determination seems to beryllium a level of uncertainty inactive successful this.

After erstwhile lows today, BTC is present trading astir $500 higher, which shows that the bullish sentiment from the past 2 days inactive remains.

Despite this, bears volition apt effort to trial this sentiment, and effort to propulsion bitcoin disconnected the $20,000 cliff successful coming days.

Ethereum

Ethereum was besides a cliff of its own, arsenic bears erstwhile again pushed prices adjacent to the $1,000 level successful today’s session.

Following a highest of $1,185.43 connected Tuesday, ETH/USD slipped to a bottommost of $1,073.88 connected hump day.

This determination enactment an extremity to ETH’s archetypal two-day winning streak since June 5, and arsenic of penning the token is trading astir 4% lower.

Thanks to gains successful the past fewer days, ETH has gone from being down by astir 40% successful its seven-day mean connected Sunday, to present lone being down 2.95% successful the past week.

Overall, momentum inactive looks bearish for the world’s 2nd largest token, with immoderate expecting moves backmost towards $800.

However, should we spot a breakout of the absorption connected the 14-day RSI astatine 30, past determination volition apt beryllium a continuation of this week’s bullish pressure.

Will we spot ETH deed $800 oregon $1,200 first? Leave your thoughts successful the comments below.