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.
Tags in this story
Do you expect crypto consolidation to continue into May? Leave your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Source : Bitcoin
Source: https://coinotizia.com/bitcoin-ethereum-technical-analysis-btc-slips-below-40000-yet-again-following-brief-rebound-on-tuesday/