Bitcoin, Ethereum Technical Analysis: ETH Moves Towards $1,700, BTC Largely Unchanged

Ethereum moved closer to $1,700 in today’s session, as prices continued to rebound following recent losses. Bitcoin was largely unchanged from Tuesday’s session, as the world’s largest cryptocurrency was once again trading above $21,000. As of writing, the global crypto market cap is trading 0.43% higher.

Bitcoin

Bitcoin (BTC) continued to trade above $21,000 during Wednesday’s session, as markets consolidated following recent declines.

On Monday, BTC/USD slipped to a low of $20,955.14, however prices have since rebounded trading higher for the past two days.

Wednesday saw bitcoin hit an intraday high of $21,646.20, which is marginally above the current resistance point of $21,600.

BTC/USD – Daily Chart

Following the brief breakout of the ceiling, prices have since dropped, with BTC trading at $21,481.52 as of writing.

Earlier gains have eased as bulls opted to secure previous profits, opposed to maintaining their positions close to the point of uncertainty.

Overall, it appears that bitcoin bulls are aiming to recapture the $22,000 point, however they must first overcome this current resistance.

Ethereum

Like bitcoin, ethereum (ETH) was marginally trading higher on hump day, as prices of the token moved closer to $1,700.

ETH bulls moved the token closer to this level in today’s session, as prices hit an intraday high of $1,666.68 earlier in the day.

The move comes as ETH/USD continues to move away from last week’s lows, where the cryptocurrency fell to a bottom below its $1,550 floor.

ETH/USD – Daily Chart

Similar to BTC earlier, ethereum has seen earlier gains reduced, as the 14-day relative strength index (RSI) ran into a hurdle.

This resistance was the 49.50 level on the indicator, which has historically been an area where bears reenter the market.

As of writing, ETH is now trading below today’s high, which comes as the 10-day (red) and 25-day (blue) moving averages have finally crossed downwards.

Some see this as a signal of further upcoming declines, especially if ETH fails to break out of the $1,700 ceiling in coming days.

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