Bitcoin, Ethereum Technical Analysis: ETH Remains Above $3,000 as Markets Consolidate

Following yesterday’s rally successful crypto, prices consolidated connected Wednesday, arsenic markets were erstwhile again fearful of escalating tensions betwixt Russia and Ukraine. The uncertainty came arsenic NATO reported that Russia was expanding troops connected the border, arsenic opposed to sending immoderate home.

Bitcoin

BTC, which looked acceptable for a breakout of the $45,000 level yesterday, fell connected hump-day, sending the planetary crypto marketplace headdress 1.40% little successful the process.

The terms of bitcoin deed a precocious of $44,667.22 connected Tuesday, nevertheless contiguous dropped to an intraday debased of $43,622.02, arsenic markets look acceptable for consolidation.

Markets person been fixated with $46,000 arsenic the semipermanent resistance, nevertheless a shorter-term ceiling astatine $44,800 seems to beryllium the main obstacle to overcome.

BTC/USD – Daily Chart

This driblet successful terms has led to the Relative Strength Index (RSI) of 14-days falling to 56, a level which seems to beryllium a enactment point.

Although terms spot has yet to autumn beneath this level, if it does, markets volition apt spot an influx of bears pushing BTC/USD to the floor.

This level is located astir the $41,800 region, and we could spot this tested if existent terms momentum persists.

Ethereum

Ethereum was besides little connected Wednesday, nevertheless marginally managed to stay supra its cardinal level of $3,000.

Yesterday, ETH/USD broke past its caller absorption level of $3,022 and looked acceptable for a tally towards its higher ceiling of $3,290.

However, that determination was chopped short, and a reversal successful momentum sent ETH to an intraday debased of $3,072.03 instead.

ETH/USD – Daily Chart

Despite this diminution successful price, the 14-day RSI has inactive yet to deed its semipermanent level astatine 51, and is presently tracking astatine 53.

This could either beryllium affirmative for bulls hoping for a reversal, oregon bears waiting for further downward pressure.

Is this a cleanable clip to bargain the dip? Leave your thoughts successful the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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