During the middle of the week, the price of bitcoin and ethereum both hit resistance points. Today, ETH fell below the $3,000 level, and BTC fell below its long-term ceiling of $42,500.
As of this writing, the global crypto market cap was down 0.69 percent because the gains in BTC on Wednesday slowed down and prices hit a wall.
Following a high of $43,336 on Tuesday, BTC/USD fell to a low of $41,877.51 on Wednesday.
This happened because BTC couldn’t hold on to yesterday’s breakout from the $42,500 resistance level, and bulls may have sold their positions in order to keep their gains.
Despite this, momentum is still going up, with the 10-day (red) moving average crossing the 25-day (blue) moving average.
As a result, bitcoin is now almost 5% higher than it was last week, even though there has been a lot of uncertainty in the price of bitcoin recently.
There must be a break of the 57 RSI level, which hasn’t happened in more than 20 days.
Yesterday, Ethereum hit a one-month high. On Wednesday, it fell below $3,000, as the strength of the recent gains waned a little bit.
Prices were down 1.78 percent today because the $3,020 price level for ethereum was hit.
There have been some people looking at the $2,844 support level as a possible price target for ETH so far today. It has fallen to an intraday low of $2,933.31.
It looks like BTC, but the 14-day RSI indicator on the ETH chart is hovering below resistance. If this keeps up, we could see a lower low.
However, there is still a lot of bullish pressure in ETH, so a break through the $3,200 level is also possible.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.