Following a brief rally on Tuesday, BTC once again dropped below the $40,000 level during today’s session. Wednesday’s selloff has seen prices fall by as much as 4%, whilst ETH also declined by the same amount.

Bitcoin

The world’s largest cryptocurrency moved lower on Wednesday, following a brief rally during yesterday’s trading session.

Following a peak of $40,330.46 on Tuesday, BTC/USD slipped to an intraday bottom of $37,884.99 on hump-day.

This latest low sees BTC continue to trade near its $37,700 support level, and close to a recent one-month low.

Since today’s floor, prices have gone on to climb and bitcoin is currently hovering near the $38,910.00 level.

Looking at the chart, the 14-day RSI is also tracking above its own ceiling of 39.50, with the potential for it to move to a higher resistance of 43.

Should this happen, not only will we see the current floor continue to hold firm, but we may also be positioned for a run towards $41,000.

Ethereum

ETH was also unable to sustain gains made during Tuesday’s session, as prices once again dropped below $3,000.

The world’s second-largest cryptocurrency hit a bottom of $2,786.25 earlier today, which comes less than 24 hours after it traded close to $3,046.

Today’s drop saw prices find support at the $2,780 level, which has historically been a soft landing spot for retreating bulls.

This proved to be the case yet again, as ETH/USD bounded from its earlier low, and is now trading at $2,862.25.

Looking at the chart, this is still roughly 3.98% lower than yesterday’s peak, and comes as RSI attempts to move away from a six-week low.

Glancing ahead, the $2,950 resistance seems to be the only real obstacle in the way of any further runs deep into the $3,000 region.

Do you expect crypto consolidation to continue into May? Leave your thoughts in the comments below.

Leave a Reply

Your email address will not be published. Required fields are marked *