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Bitcoin, Ethereum Technical Analysis: BTC Bulls Secure Gains, Following a Recent Multi-Month High

#BTC Consolidates on Wednesday, Following a Recent 2-Month High

Bitcoin stalled in today’s session, as traders consolidated gains, following a recent two-month high. The global market cap is trading 0.01% lower as of writing, with the cryptocurrency remaining above the $28,000 level. Ethereum has been marginally higher, and continues to hover around the $1,580 region.

Bitcoin

Bitcoin bulls consolidated recent gains on Wednesday, as traders appeared to be capturing profits following recent highs.

BTC/USD edged to a low of $28,172.91 earlier in today’s session, which comes a day after a high of $28,889.01.

Today’s price consolidation comes after the world’s largest cryptocurrency rose to as high as $30,000 earlier in the week.

Bitcoin chart by TradingView

Looking at the chart, the decline comes as the 14-day relative strength index (RSI) maintains its position marginally above a floor at the 62.00 level.

As of writing, the index is tracking at a reading of 62.28, after a failed breakout from a resistance of 65.00 on Monday.

Price may continue to consolidate until either the aforementioned floor or ceiling is broken.

Ethereum

Ethereum (ETH) made slight gains on hump-day, as it continued to hover around the $1,580 mark.

Following a low of $1,554.40 on Tuesday, ETH/USD climbed to an intraday peak of $1,584.73 during the day.

Earlier gains have since eased, with ethereum now trading at $1,577.40, with short-term bulls still targeting the $1,600 zone.

Ethereum chart by TradingView

This may be difficult to achieve as momentum appears to be bearish, with the 10-day (red) moving average continuing to trend downwards.

Whilst at a reading of 45.75, a ceiling awaits ETH’s price strength at the 49.00 zone, and should it move beyond this, there will likely be an influx of bulls.

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Could there be a breakout this week? Leave your thoughts in the comments below.



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