Carlos Fernandes Following six consecutive days of decline, ethereum showed a strong recovery on Thursday, reclaiming the $1,900 threshold. This upward movement coincided with a slight rebound in bitcoin, which had previously reached a four-week low earlier in the week.
Bitcoin
Bitcoin (BTC) made marginal gains on Thursday as it aimed to recover from recent losses. After hitting a low of $29,794.27 on Wednesday, BTC/USD climbed to an intraday peak of $30,406.45 earlier in the day.
This recovery follows bitcoin’s dip below $30,000, which led to a four-week low and prompted investors to realign their positions. The price stabilization can be attributed to the relative strength index (RSI) finding support at 49.00, with the current reading at 53.60.
Traders are now eyeing the resistance level at $30,800, historically acting as a barrier before entering the $31,000 range. However, bearish momentum persists due to the recent downward crossover of the 10-day (red) and 25-day (blue) moving averages.
Ethereum
In tandem with bitcoin, ethereum (ETH) surpassed $1,900 in today’s session, marking the end of its losing streak. ETH/USD reached a high of $1,927.57, bouncing back from a low of $1,883.07 observed the day before.
Bearish momentum has dominated the second-largest cryptocurrency in recent days, following the previous week’s rally. Today’s positive movement is the first green day for ethereum since last Thursday, instilling optimism among traders for potential surges above $2,000.
The primary test for ethereum’s bullish strength will be the resistance level at $1,960. A successful breakthrough is highly likely to propel the price toward $2,000.
Stay updated with weekly price analysis reports by registering your email here:
Weekly Technical Analysis Report
Sign up
We welcome your thoughts on the fundamental factors driving today’s price rebound. Share your comments below.
Table of Contents
Frequently Asked Questions (FAQs) about cryptocurrency rebound
What was the price movement of Ethereum and Bitcoin mentioned in the text?
After six consecutive days of decline, Ethereum experienced a recovery and surpassed the $1,900 mark. Bitcoin also rebounded after reaching a four-week low.
What are the resistance levels mentioned for Bitcoin and Ethereum?
For Bitcoin, the upcoming resistance level to watch is $30,800, which has historically acted as a barrier before entering the $31,000 zone. Ethereum’s main test for bullish strength is expected at $1,960, and a successful breakthrough could potentially propel the price towards $2,000.
What is the current momentum of the cryptocurrency market?
The overall momentum in the market is bearish, indicated by the recent downward crossover of the 10-day and 25-day moving averages for both Bitcoin and Ethereum. Despite the rebounds mentioned, traders should consider this bearish momentum in their analysis.
More about cryptocurrency rebound
- Bitcoin Price Analysis
- Ethereum Price Analysis
- Technical Analysis Guide
- Cryptocurrency Market Updates
- Understanding Bearish Momentum
5 comments
signing up for those weekly analysis updates, gotta stay on top of the market trends, can’t miss any opportunities, bring on the gains!
btc hitting that $30k mark again, trying to break through resistance, but the moving averages still show bearishness, hope it can turn around soon!
finally, eth is back in the green, let’s hope it can keep pushing above $2k, bulls are cheering, bearish momentum needs to take a back seat now!
ethereum and bitcoin both bounced back from the slump, climbing above $1900 and recovering from a 4-week low, traders hopin for more gains, exciting times!
btc and eth prices moving up again, yay! the market had a rough patch lately but things seem to be turning around, time to hodl tight and ride the wave!