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Bitcoin, Ethereum Technical Analysis: ETH Down, as Two-Day Winning Streak Ends on Hump Day

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Bitcoin hit a hump day hurdle as the world’s largest crypto token declined after strong gains earlier in the week. Ethereum also declined during today’s session as prices returned to the $1,000 mark.

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After two consecutive days arrived, BTC was lower on the hump day as the bears appear to have re-entered the market.

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BTC/USD is down nearly 3% at time of writing after hitting an intraday low of $20,045.63 earlier in today’s session.

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The move came after prices failed to sustain a breakout of yesterday’s $21,000 resistance level.

Bitcoin, Ethereum Technical Analysis: ETH Drops as 2-Day Winning Streak Ends Hump Day
BTC/USD – daily chart

Typically, after such a false break, this serves as a signal for the bears to regain momentum, however, it seems that there is still some uncertainty in this.

After previous lows today BTC is now trading almost $500 higher, which shows that the bullish sentiment of the last two days is still holding.

Despite this, the bears will likely try to test this sentiment and try to push Bitcoin off the $20,000 cliff in the coming days.

Ethereum

Ethereum has also been a cliff on its own as the bears pushed prices back towards the $1,000 level in today’s session.

After peaking at $1185.43 on Tuesday Ethereum/USD fell to $1,073.88 on the day of the hump.

This step ended EthereumThis is the first two-day winning streak since June 5th and the token is trading about 4% lower at the time of writing.

Bitcoin, Ethereum Technical Analysis: ETH Drops as 2-Day Winning Streak Ends Hump Day
Ethereum/USD – daily chart

Thanks to the achievements over the past few days, Ethereum fell nearly 40% on an average of seven days on Sunday to just 2.95% over the last week.

Overall, the momentum for the world’s second-largest token still looks bearish, with some expecting a return to $800.

However, if we see a break of the 14-day RSI resistance at 30, then the bullish pressure is likely to continue this week.

will we see Ethereum first dial 800 or 1200 dollars? Leave your thoughts in the comments below.

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Credit : news.bitcoin.com

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