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
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.
BTC/USD – Daily Chart
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.
Ethereum
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.
ETH/USD – Daily Chart
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 Dambell
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.
