Bitcoin, Ethereum Technical Analysis: ETH Moves Towards $1,700, BTC Largely Unchanged


Bitcoin ( BitcoinTC) traded above $21,000 on Wednesday, as markets consolidated following recent declines.

However, prices have been trading higher in the past two days despite falling to $20,955.14 on Monday.

Bitcoin reached an intraday peak of $21,646.20 on Wednesday, just slightly above its current resistance level of $21,600.

After the short breakout of the ceiling’s price, prices dropped and BTC traded at $21,481.52 at the time of writing.

The bulls chose to protect their previous profits rather than keep their positions at the edge of uncertainty.

It seems that bitcoin bulls want to reclaim the $22,000 point. However, they must first overcome current resistance.


Ethereum ( Ethereum) traded marginally higher than bitcoin on the hump day as prices for the token moved closer towards $1,700.

ETH bulls moved today’s token closer to this level, as prices reached an intraday high at $1,666.68 earlier today.

This move is coming as ETH/USD continues its move away from last weeks lows, when the cryptocurrency dropped to a lowest below its $1,550 floor.

Similar to BTC before, ethereum saw earlier gains decrease as the 14-day relative strengths index (RSI), ran into a snag.

This resistance was at the 49.50 mark on the indicator. This is historically an area where bears tend to reenter.

ETH trades below today’s high as the 10-day (red), and 25-day(blue) moving averages are now both down.

This could be interpreted by some as a sign of future declines, particularly if Ethereum does not break the $1,700 ceiling within the next few days.