Wednesday, June 19, 2024

Bitcoin, Ethereum Technical Analysis: BTC Continues to Consolidate, Prices Move Slightly Above $30,000

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Bitcoin moved away from Tuesday’s lows during the hump-day session, as prices were once again above $30,000. Prices have been hovering above and below this level over the last few weeks, with no significant gains in the period. ETH was also marginally higher.

Bitcoin
The volatility in crypto markets was once again present during Wednesday’s session, as BTC moved marginally higher.

Over the last few weeks, bitcoin has continued to hover above and below the $30,000 mark, with prices once again making this move today.

Following a low of $29,445.88 on Tuesday, BTC/USD spiked to an intraday high of $31,489.68 earlier in today’s session.

BTC/USD – Daily Chart
This move comes as bulls once again attempted to breach the $31,500 resistance point, however as on Monday, to no avail.

As of writing, the world’s largest cryptocurrency is now trading at $30,218.01, which is still 2.5% higher than yesterday’s bottom.

However, with bulls likely closing out earlier positions, today’s gains have gradually eased, with the likelihood of prices dropping below $30,000 still on the cards.

Ethereum
ETH, which has also been hovering below a key price point of its own, today rose beyond that level.

The world’s second-largest crypto token fell to an intraday low of $1,729.41 on Tuesday, however hump-day has seen prices peak at $1,862.91.

This surge, which sent ethereum back above $1,800, was nearly 4% higher than yesterday’s low, however it was not enough to keep bearish sentiment away.

ETH/USD – Daily Chart
As of writing, and as the day progressed, ETH has fallen below $1,800 once again, as bulls likely secured earlier gains.

Overall, ETH is currently trading at $1,792.54, with a renewed level of bearish sentiment looking to push prices towards support at $1,750.

Will we see BTC/ETH continue to consolidate this week? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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