ETH Hovers Near $1,600, As Crypto Markets Consolidate – Bitcoin News Market Update

During Wednesday’s session, Ethereum hovered around $1,600, as market volatility decreased today. Following a tumultuous trading week, crypto markets mostly firmed on a hump-day, with global market capitalization down 0.23% at the time of writing. Bitcoin’s price remained largely unchanged as it remained above $20,000.


Cryptocurrency markets strengthened on Wednesday, with bitcoin (BTC) largely unchanged from yesterday’s session.

Following Tuesday’s high of $20,542.64, BTC/USD was marginally lower, with today’s high at $20,425.97.

The token is now trading between the $19,500 support point and the $20,600 resistance level, with the sentiment shifting slightly into bullish territory.

BTC/USD – Daily Chart

This comes as the 14-day Relative Strength Index (RSI) broke above the 37.90 resistance point and is currently tracking at 38.60.

Looking at the chart, the indicator seems to be heading towards the 42.00 mark, which has historically served as a ceiling.

If this target is hit, we will likely see Bitcoin trade at or slightly above the $20,600 resistance.


Ethereum (ETH) rose briefly on Wednesday as the token continued to hover around the $1,600 range.

ETH/USD rose to $1,612.36 earlier today, close to the $1,630 temporary resistance level.

Since approaching this point, prices have fallen, falling back below $1,600 as bulls retreated, fearing a reversal.

ETH/USD – Daily Chart

As of writing, ethereum is currently tracking at $1,588.46, while the RSI is currently at 47.47, which is close to the 50.00 ceiling.

Bulls still seem to be targeting a break above the $1,630 mark, but this can only happen if relative strength crosses its resistance point.

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Will we see ethereum break above $1,630 this week? Leave your thoughts in the comments below.

Ilya Dumbledore

Elliman brings a multifaceted perspective to market analysis, having worked as a Broker Director, Retail Trading Educator and Market Analyst in Crypto, Stocks and FX.

Image credits: Shutterstock, Pixabay, Wiki Commons

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