Gains in cryptocurrencies slowed down on hump-day, as bitcoin and ethereum prices hit resistance levels. ETH fell below the $3,000 level, with BTC falling below its long-term ceiling of $42,500 during today’s session.
The global crypto market cap was 0.69% lower as of writing, as gains in BTC eased on Wednesday, and prices encountered resistance.
Following a high of $43,336 during Tuesday’s session, BTC/USD rose to an intraday low of $41,877.51 on Wednesday.
This came as BTC was unable to sustain yesterday’s breakout from the $42,500 resistance, as bulls likely liquidated positions, securing earlier gains in the process.
Despite this, momentum is still trending upwards, with the 10-day (red) moving average continuing its cross of the 25-day MA.
As a result, bitcoin is now nearly 5% higher than at the same point last week, despite the recent uncertainty in price action.
Should this momentum continue, a break of the 57 RSI level must occur, which is something that hasn’t taken place in over 20 days.
After climbing to a one-month high yesterday, ETH fell below $3,000 on Wednesday, as the strength of recent gains somewhat eased.
The value of ethereum has increased by over 10% in the last week, however prices were down 1.78% today, as its $3,020 resistance was hit.
So far in today’s session, ETH has fallen to an intraday low of $2,933.31, with some looking at the $2,844 support as a possible price target.
Similar to BTC, the 14-day RSI indicator on the ETH chart is currently hovering below resistance, if this does continue, we could see a lower low.
However, bullish pressure still remains in ETH, so a breakout towards resistance of $3,200 is also likely.
Will we see today’s drop in ETH sustain for the rest of the session? Leave your thoughts in the comments below.
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.