by Eliman Dambell
Bitcoin prices dropped during the hump-day session, as bulls were unable to maintain Tuesday’s gains. The world’s largest cryptocurrency once again fell below the $30,000 level, whilst ETH also moved lower.
Following a slight rally in price during Tuesday’s session, bearish sentiment returned to markets on Wednesday.
This sentiment saw BTC/USD drop to a bottom of $29,570.30, less than 24 hours after trading at a peak of $30,694.49.
Wednesday’s low sees a continuation of price consolidation, as traders continued to navigate through the current volatility within markets.
As a result of today’s move, bitcoin is now moving closer to a support level of $28,800, with the 14-day RSI remaining deep in oversold territory.
Looking at the chart, this indicator is currently tracking at 33.87, which is marginally below a ceiling of 35.
As discussed on Tuesday, it is unlikely that we will see an end to consolidation unless this level is firmly broken.
Whilst ETH also slipped in today’s session, it was able to once again remain above $2,000, despite a drop in price.
ETH/USD fell to an intraday low of $2,015.97 earlier in the day, which is just over 3% lower than yesterday’s high of $2,113.06.
Today’s move means that ETH is now trading around $80 away from its resistance point of $1,950.
Some expect this floor could be hit in upcoming sessions, especially with the RSI continuing to hover below its ceiling of 34.
The moving averages are also trending lower, with both 10-day and 25-day moving averages extending their respective downward directions.
Overall, ETH is currently 2.09% lower, with no real signs of this bearish pressure slowing down.
Where do you expect BTC and ETH to end up by the close of the week? Leave your thoughts in the comments below.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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