Bitcoin, Ethereum Technical Analysis: ETH Hovers Near $1,600, as Crypto Markets Consolidate

Ethereum was hovering close to $1,600 during Wednesday’s session, as market volatility eased today. Following a turbulent week of trading, crypto markets mostly consolidated on hump-day, with the global market capitalization down 0.23% as of writing. Bitcoin’s price was mostly unchanged, as it remained above $20,000.

Bitcoin

Cryptocurrency markets consolidated on Wednesday, with bitcoin (BTC) largely unchanged from yesterday’s session.

Following a high of $20,542.64 on Tuesday, BTC/USD was marginally lower, with today’s peak standing at $20,425.97.

The token is now trading in between a support point at $19,500 and a resistance level of $20,600, with sentiment slightly shifting towards bullish territory.

This comes as the 14-day relative strength index (RSI) broke out of a resistance point of 37.90, and is now tracking at 38.60.

Looking at the chart, it appears as if the index is headed towards the 42.00 mark, which has historically acted as a ceiling.

Should this target be hit, it is likely that we will see bitcoin trading at, or slightly above its resistance of $20,600.

Ethereum

Ethereum (ETH) briefly rose higher on Wednesday, as the token continued to hover around the $1,600 region.

ETH/USD raced to a peak of $1,612.36 earlier today, which is close to an interim resistance level of $1,630.

Since approaching this point, prices have since dropped, falling back below $1,600 as bulls retreated, fearing a potential reversal.

As of writing, ethereum is now tracking at $1,588.46, with the RSI currently at 47.47, which is close to a ceiling of 50.00.

Bulls appear to still be targeting a breakout of the $1,630 mark, however, this will likely only occur should relative strength moves past its own point of resistance.

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Will we see ethereum climb above $1,630 this week? Leave your thoughts in the comments below.

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