by Eliman Dambell
Following a fall below $30,000 on Tuesday, BTC marginally rebounded, as prices began to consolidate above support. ETH was also higher in today’s hump-day session, climbing above $2,400 in the process.
Bitcoin’s bleeding somewhat eased on Wednesday, as a marginal rebound pushed the price above $30,000.
Prices were trading below this level on Tuesday, as the world’s largest cryptocurrency hit an intraday low of $29,944.80.
So far today, BTC/USD has risen to a peak of $32,242.15, as it begins to move away from yesterday’s eleven-month low.
As of writing, prices have failed to breakout beyond a key resistance level at $32,500, which would bring BTC back into its 2022 trading range.
Following slippage from its own floor of 30.13, the 14-day RSI is now tracking above this level, and is currently at 32.18.
Overall, bitcoin is still oversold, however with uncertainty in crypto markets still rife, it is unclear if we have hit a bottom in BTC’s price.
After almost going below $2,100 on Tuesday, ETH was trading higher during today’s session, with prices closing in on a key level.
ETH/USD hit an intraday peak of $2,450.76 earlier today, as bulls attempt to lift prices above the $2,500 resistance line.
Despite today’s rebound in price, any significant surges will be challenged by upcoming hurdles, especially in terms of relative strength.
As of writing, the 14-day Relative Strength Index is tracking at 37.32, which is slightly under resistance of 40.
Should this ceiling be re-captured, we will also likely see ETH above $2,500. However, price uncertainty will likely lead to a decline in upwards momentum.
Overall, prices are currently trading nearly 2% higher than yesterday’s low, with ETH up 1.26% as of writing.
Is now an ideal time to buy an ETH dip, or are there more lows ahead? 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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