Ethereum returned to the green on Thursday as bulls returned to action after yesterday’s selloff. The token has gained more than 8% in today’s session as the price once again rose above the $1,600 level. Bitcoin also bounced back in today’s session, moving back above $19,000. Overall, crypto markets are trading 4.39% higher at the time of writing.
Bitcoin
After slipping to multi-month lows on Thursday, Bitcoin (BTC) rallied again in today’s session, with prices rising above $19,000.
BTC/USD rose to $19,427.17 earlier today, which comes less than 24 hours after hitting a low of $18,710.09.
The rebound has seen Bitcoin break out of its lows since June 18, with the token now trading at the $19,200 support level.
Looking at the chart, the Relative Strength Index (RSI) is still in oversold territory, with the index tracking at 34.84 at the time of writing.
A ceiling of 38.00 now waits if the signal continues to rise and could be a barrier to further gains.
However, if BTC should go above this point, the bulls can take the prices towards the $20,000 point.
Ethereum
Ethereum (ETH) returned to the green, as bulls re-entered the market, buying off yesterday’s dip in the process.
Following a low of $1,505.95 on Wednesday, ETH/USD ran to a high of $1,651.05 during Thursday’s session.
The move follows a false breakout below this point yesterday as Ethereum broke above the $1,550 floor earlier in today’s session.
While bulls still have their sights set on the $1,700 ceiling, price volatility has increased following a move above the $1,614 resistance.
ETH is now down from previous highs, which is due to potential profit taking, with earlier bulls opting to take profits.
As of writing, the token is now trading at $1,622.92, less than six days before the merger event.
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Could Ethereum reach $1,700 before the end of the week? Leave your thoughts in the comments below.
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