Bitcoin, Ethereum Technical Analysis: ETH Hovers Near $1,600, as Crypto Markets Consolidate

Ethereum News

Ethereum was hovering near $1,600 during Wednesday & #x 2019; s session, as market volatility reduced today. Following an unstable week of trading, crypto markets primarily combined on hump-day, with the worldwide market capitalization down 0.23% as of writing. Bitcoin & #x 2019; s rate was mostly unchanged, as it remained above $20,000.
Bitcoin
Cryptocurrency markets combined on Wednesday, with bitcoin (BTC) mostly the same from yesterday & #x 2019; s session.
Following a high of $20,542.64 on Tuesday, BTC/USD was marginally lower, with today & #x 2019; s peak standing at $20,425.97.
The token is now trading in between a support point at $19,500 and a resistance level of $20,600, with belief a little moving towards bullish area. This comes as the 14-day relative strength index (RSI) broke out of a resistance point of 37.90, and is now tracking at 38.60.
Looking at the chart, it appears as if the index is headed towards the 42.00 mark, which has actually traditionally functioned as a ceiling.
Needs to this target be hit, it is most likely that we will see bitcoin trading at, or a little above its resistance of $20,600. Ethereum
Ethereum (ETH) briefly rose higher on Wednesday, as the token continued to hover around the $1,600 area.
ETH/USD raced to a peak of $1,612.36 earlier today, which is close to an interim resistance level of $1,630.
Because approaching this point, prices have actually considering that dropped, falling back listed below $1,600 as bulls pulled back, fearing a possible reversal. Since composing, ethereum is now tracking at $1,588.46, with the RSI presently at 47.47, which is close to a ceiling of 50.00.
Bulls appear to still be targeting a breakout of the $1,630 mark, however, this will likely only occur must relative strength moves past its own point of resistance.
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Will we see ethereum climb above $1,630 today? Leave your thoughts in the remarks listed below.

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