Following Tuesday’s price surge, bitcoin was trading lower during today’s session, as markets hit a key resistance point. This comes as ETH was once again trading below the $3,000 level. As of writing, the crypto market cap is down 1.87%.
Bitcoin
BTC bulls ran into a stumbling block on Wednesday, as traders appeared to once again short the world’s largest cryptocurrency.
Following a high of $44,793.60 yesterday, BTC/USD hit an intraday low of $43,307.96 earlier in today’s session.
BTC is down 2.42% on the day, as of writing, and is currently trading at $43,637.72, with the 14-day RSI tracking at 58.7.
Looking at the chart, Wednesday’s move occurred after BTC failed to break out of the $44,870 resistance level, which has historically been a point where bears entered.
BTC/USD – Daily Chart
Similar to February 16, these bears halted the bullish onslaught, with many now expecting yet more consolidation from bitcoin.
Price strength has also begun to trend in a downward direction, as the RSI ceiling of 62 held firm to start the week.
If we are set for further consolidation, the floor of $42,120 could be the next price target for sellers.
Ethereum
Following a breakout from its own resistance level on Tuesday, the price of ETH was marginally lower on Wednesday, as it now trades below $3,000.
Earlier in today’s session, ETH/USD hit a three-week intraday high of $3,045. However, these gains were short lived.
As of writing, ETH has since dropped to a low of $2,907.46, as yesterday’s move has matured into a false breakout.
ETH/USD – Daily Chart
Should this bearish pressure continue to extend throughout the rest of the session, bears will likely be looking at taking ethereum back below $2,880.
Relatively speaking, the prospects for bulls targeting $3,200 does remain, however, any further declines could lessen these chances, as prices will likely continue to consolidate.
Is today’s drop in ETH only a temporal one? Leave your thoughts in the comments below.
Eliman Dambell
Image Credits: Shutterstock, Pixabay, Wiki Commons
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