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Bitcoin, Ethereum Technical Analysis: BTC Continues to Consolidate, Prices Move Slightly Above $30,000

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Bitcoin pulled back from Tuesday’s lows during the Humpback Day session as prices topped $30,000 again. Prices have fluctuated above and below this level over the past few weeks without significant gains over this period. Ethereum was also slightly higher.

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Volatility in the cryptocurrency markets was again present during the Wednesday session as BTC moved slightly higher.

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Over the past few weeks, Bitcoin has continued to fluctuate above and below the $30,000 mark, and prices are making that move again today.

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After a low of $29,445.88 on Tuesday BTC/USD rose to an intraday high of $31,489.68 earlier in today’s session.

Bitcoin, Ethereum Technical Analysis: BTC Continues Consolidating, Prices Slightly Above $30,000
BTC/USD – daily chart

This move came as the bulls tried again to break the $31,500 resistance point, however, as they did on Monday, to no avail.

At the time of writing, the world’s largest cryptocurrency is now trading at $30,218.01, up 2.5% from yesterday’s bottom.

However, with the bulls likely to cover earlier positions, today’s gains have gradually eroded, and prices still have a chance of dropping below $30,000.

Ethereum

Ethereumwhich also hovered below its own key price point, rose above that level today.

The world’s second-largest crypto token fell to an intraday low of $1,729.41 on Tuesday, however prices peaked at $1,862.91 on the day of the hump.

This surge, which took Ethereum above $1,800, was almost 4% above yesterday’s low, however, it was not enough to contain the bearish sentiment.

Bitcoin, Ethereum Technical Analysis: BTC Continues Consolidating, Prices Slightly Above $30,000
Ethereum/USD – daily chart

At the time of writing and throughout the day, Ethereum dropped below $1,800 once more as the bulls likely provided earlier profits.

General, Ethereum is currently trading at $1,792.54 with renewed bearish sentiment looking to push prices towards support at $1,750.

will we see BTC/Ethereum continue consolidation this week? Leave your thoughts in the comments below.

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Credit : news.bitcoin.com

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