Bitcoin exhibited minimal fluctuation this Wednesday, with its moving averages nearing a potential convergence to the upside. For investors seeking optimal entry points, the imminent possibility of a “death cross” is likely occupying their attention. Concurrently, Ethereum appears to be stabilizing around a support level of $1,630.
While market bulls have so far resisted a downturn below this level, should it transpire, Bitcoin could potentially dip below the $25,000 threshold.
The ETH/USD pair rebounded from its early session low of $1,610.14, subsequently reaching a peak value of $1,635.29.
Mirroring Bitcoin, Ethereum’s 10-day (depicted in red) and 25-day (depicted in blue) moving averages are also on the verge of an upward crossover. However, the asset’s price has yet to exhibit a response to this impending eventuality.
Ethereum Chart by TradingView
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