After falling below $30,000 on Tuesday, BTC recovered slightly as prices started to consolidate above support. ETH was also higher in today’s hump tag session, climbing above $2,400 in the process.

Bitcoin

Bitcoin’s bleeding eased somewhat on Wednesday as a minor recovery pushed the price above $30,000.

Prices traded below this level on Tuesday as the world’s largest cryptocurrency hit an intraday low of $29,944.80.

To date, BTC/USD has surged to a high of $32,242.15 as it begins to move away from yesterday’s 11-month low.

Bitcoin, Ethereum technical analysis: ETH rallies 2% as BTC climbs above $30,000
BTC/USD daily chart

As of this writing, prices have failed to break out of a key resistance level at $32,500, which would bring BTC back into its 2022 trading range.

After slipping off its own bottom of 30.13, the 14-day RSI is now trading above that level and currently stands at 32.18.

Overall, Bitcoin is still oversold, but with uncertainty still rife in crypto markets, it’s unclear if we’ve hit a bottom in BTC price.

ether

After falling nearly below $2,100 on Tuesday, ETH traded higher during today’s session with prices approaching at a key level.

ETH/USD hit an intraday high of $2,450.76 earlier today as bulls attempt to push prices above the $2,500 resistance line.

Despite today’s price rally, any significant advances will be challenged by upcoming hurdles, particularly in terms of relative strength.

Bitcoin, Ethereum technical analysis: ETH rallies 2% as BTC climbs above $30,000
ETH/USD daily chart

As of this writing, the 14-day Relative Strength Index stands at 37.32, which is slightly below the 40 resistance.

Should that cap be hit again, we will likely see ETH above $2,500 as well. However, the price uncertainty is likely to lead to a slackening of the upward momentum.

Overall, prices are currently trading almost 2% above yesterday’s low, with ETH up 1.26% at the time of writing.

Is now an ideal time to buy an ETH dip, or are more lows to come? Leave your thoughts in the comments below.

Eliman Damell

Eliman brings an eclectic perspective to market analysis, having worked as a broker director, retail educator, and market commentator for crypto, stocks, and forex.




photo credit: Shutterstock, Pixabay, WikiCommons

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