Gains in cryptocurrencies slowed down on hump-day, as bitcoin and ethereum prices hit resistance levels. ETH fell below the $3,000 level, with BTC falling below its long-term ceiling of $42,500 during today’s session.
Bitcoin
The global crypto market cap was 0.69% lower as of writing, as gains in BTC eased on Wednesday, and prices encountered resistance.
Following a high of $43,336 during Tuesday’s session, BTC/USD rose to an intraday low of $41,877.51 on Wednesday.
This came as BTC was unable to sustain yesterday’s breakout from the $42,500 resistance, as bulls likely liquidated positions, securing earlier gains in the process.
Despite this, momentum is still trending upwards, with the 10-day (red) moving average continuing its cross of the 25-day MA.
As a result, bitcoin is now nearly 5% higher than at the same point last week, despite the recent uncertainty in price action.
Should this momentum continue, a break of the 57 RSI level must occur, which is something that hasn’t taken place in over 20 days.
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Ethereum
After climbing to a one-month high yesterday, ETH fell below $3,000 on Wednesday, as the strength of recent gains somewhat eased.
The value of ethereum has increased by over 10% in the last week, however prices were down 1.78% today, as its $3,020 resistance was hit.
So far in today’s session, ETH has fallen to an intraday low of $2,933.31, with some looking at the $2,844 support as a possible price target.
Similar to BTC, the 14-day RSI indicator on the ETH chart is currently hovering below resistance, if this does continue, we could see a lower low.
However, bullish pressure still remains in ETH, so a breakout towards resistance of $3,200 is also likely.
Will we see today’s drop in ETH sustain for the rest of the session? Leave your thoughts in the comments below.