Bitcoin, Ethereum Technical Analysis: BTC Climbs to 2-Week High
Bitcoin continued to trade above $20,000 on Wednesday, as the token remained near a two-week high. Bullish momentum in cryptocurrency markets has been higher this week, with prices surging after a recent downward spell. Ethereum, on the other hand, was largely unchanged in today’s session.
Bitcoin (BTC) was once again trading above $20,000, as the token continued to trade near a two-week high.
BTC/USD surged to a peak of $20,479 late in Tuesday’s session, which was its highest point since September 13.
On Wednesday, prices remained near this level, however slipped marginally after failing to extend a breakout of a key resistance point.
The token slipped below this ceiling of $20,350 earlier today, and as of writing, is trading at $20,024.63, which remains higher than yesterday’s low of $19,917.91.
As can be seen from the chart, the 14-day relative strength index (RSI) has also declined today, with the indicator now tracking at 52.45.
This mark is marginally under a support level of 53.00, and should the reading continue to depreciate, we will likely see BTC back below $20,000.
Ethereum (ETH) was mostly consolidating on Wednesday, as the token fell back towards a support point of its own.
Following a high of $1,364.97 during yesterday’s session, ETH/USD dropped to an intraday low of $1,335.89 earlier in the day.
As a result of this slippage, the world’s second largest cryptocurrency moved back towards its floor of $1,330, a level which it broke out of less than 24 hours ago.
Looking at the chart, the decline appears to have come once the RSI failed to move beyond yesterday’s resistance of 44.90.
Currently price strength is tracking at 43.67, and seems to be heading for a floor close to the 42.00 level.
Should it arrive at its destination, then there is a strong likelihood that ethereum will be under $1,300.
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