Bitcoin, Ethereum Technical Analysis: ETH Hovers Near $1,600, as Crypto Markets Consolidate

Ethereum was hovering adjacent to $1,600 during Wednesday’s session, arsenic marketplace volatility eased today. Following a turbulent week of trading, crypto markets mostly consolidated connected hump-day, with the planetary marketplace capitalization down 0.23% arsenic of writing. Bitcoin’s terms was mostly unchanged, arsenic it remained supra $20,000.

Bitcoin

Cryptocurrency markets consolidated connected Wednesday, with bitcoin (BTC) mostly unchanged from yesterday’s session.

Following a precocious of $20,542.64 connected Tuesday, BTC/USD was marginally lower, with today’s highest lasting astatine $20,425.97.

The token is present trading successful betwixt a enactment constituent astatine $19,500 and a absorption level of $20,600, with sentiment somewhat shifting towards bullish territory.

This comes arsenic the 14-day comparative spot scale (RSI) broke retired of a absorption constituent of 37.90, and is present tracking astatine 38.60.

Looking astatine the chart, it appears arsenic if the scale is headed towards the 42.00 mark, which has historically acted arsenic a ceiling.

Should this people beryllium hit, it is apt that we volition spot bitcoin trading at, oregon somewhat supra its absorption of $20,600.

Ethereum

Ethereum (ETH) concisely roseate higher connected Wednesday, arsenic the token continued to hover astir the $1,600 region.

ETH/USD raced to a highest of $1,612.36 earlier today, which is adjacent to an interim absorption level of $1,630.

Since approaching this point, prices person since dropped, falling backmost beneath $1,600 arsenic bulls retreated, fearing a imaginable reversal.

As of writing, ethereum is present tracking astatine $1,588.46, with the RSI presently astatine 47.47, which is adjacent to a ceiling of 50.00.

Bulls look to inactive beryllium targeting a breakout of the $1,630 mark, however, this volition apt lone hap should comparative spot moves past its ain constituent of resistance.

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Will we spot ethereum ascent supra $1,630 this week? Leave your thoughts successful the comments below.