Technical Analysis of Bitcoin and Ethereum: ETH Remains Below $1,100 Despite Wednesday’s Price Rebound

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Bitcoin remained to trade below $20,000 on Wednesday despite prices rising throughout today’s session. This follows prior dips. Even if the price of ETH was also somewhat higher, it was once more trading below $1,100. As of writing, the crypto markets were up about 1% overall.


Bitcoin


Bitcoin prices are remained below $20,000 as a result of a recent sell-off, despite Wednesday’s small increase in trade.

In today’s session, the biggest cryptocurrency in the world reached an intraday high of $19,973.58 as bulls made an effort to revisit the $20,000 level.

However, after a four-day losing run, the mood is still gloomy, and bulls are hesitant to open long bets.

The 14-day RSI momentarily broke out of its prior support, which is now serving as a new resistance level at 37.40, during today’s rebound.

According to the chart, bulls have traditionally purchased dips at this price point. If the 10-day moving average keeps rising, momentum may continue heading upward.

The Relative Strength Index is tracking at 38.63 as of this writing, with a potential maximum of 41.60.


Ethereum


Similar to bitcoin, ETH made a comeback during today’s session by ending a four-day losing skid.

Less than a day after trading at a low of $1,037.56, ETH/USD reached a high of $1,086.58 as of this writing.

Bulls decided to drive the token higher by purchasing the dip after yesterday’s low, which saw prices drop below support at $1,050.
The decision to purchase was made after price strength failed to break out of its own floor around 35.50, as can be seen on the chart, which probably served as a major indication for traders.

Overall, the token is down roughly 6% from where it was last week, but since values dropped below $900 almost a month ago, they have largely remained constant.

Bulls will probably be enthusiastic about a future price rally if the present floor holds up, but we will probably have further consolidation before that.