Bitcoin was lower for the second consecutive session, as bears kept up with the recent pressure on the crypto markets. This pressure also saw ETH lower as it continued to trade below $2,000 during the hump-day.
Bitcoin
The world’s largest cryptocurrency is trading below $30,000 once again as bears maintain a chokehold on the price.
At the time of writing, BTC/USD is trading at $29,502.71, up almost 1% from yesterday’s low of $28,786.59.
Wednesday’s move in Bitcoin is ultimately a continuation of yesterday’s move, with the price now consolidating at its current range.
In this range, the price is hovering near the $28,800 low, with the $30,500 resistance level, which hasn’t really been broken since the beginning of May.
Apart from the price range, Relative Strength is also tracking its own resistance point, which is below 40.
Unless we move beyond this point, we will see a continuation of the current price consolidation.
Ethereum
ETH moved lower during today’s session as its price continues to trade under the $2,000 key point.
The world’s second largest cryptocurrency fell below its support level on Tuesday, hitting an intraday low of $1,920.69 in the process.
This saw ETH/USD trading below the $1,950 support near the $30 level, which has been mostly bullish during this latest round of bearish activity.
Overall, Ethereum is now trading at its current levels for the second week. However, after its steep fall in April into May, consolidation was to be expected.
Looking at the chart, you can see that the 10-day moving average in red is moving sideways, which is a strong sign of a change in momentum in the future.
Traders will now wait to see if the bulls will use this signal as an indicator before re-entering the market.
Will ETH break the $1,950 support this week? Give your thoughts in the comment below.
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