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 (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.
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.
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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?
More about cryptocurrency rebound
- Bitcoin Price Analysis
- Ethereum Price Analysis
- Technical Analysis Guide
- Cryptocurrency Market Updates
- Understanding Bearish Momentum