Bitcoin, Ethereum Technical Analysis: BTC Consolidates Recent Gains, as Traders Anticipate Powell Speech

Bitcoin nett takers swooped successful to seizure caller profits connected Wednesday, arsenic the cryptocurrency retreated beneath a caller precocious supra $35,000. The diminution comes up of Federal Reserve Chair Jerome Powell’s code aboriginal today. Ethereum besides edged lower, dropping nether the $1,800 level.

Bitcoin

Bitcoin was trading little connected Wednesday, arsenic traders appeared to person yet decided to unafraid profits, pursuing caller gains.

BTC/USD slipped to an intraday debased of $33,278.40 precocious successful yesterday’s session, aft an earlier highest supra the $35,000 mark.

Although bulls person since pushed the cryptocurrency higher, with the terms present astatine $34,246.74, it remains beneath heights seen connected Tuesday.

One crushed for this being the comparative spot scale (RSI), which was importantly overbought connected Tuesday, tracking astir 89.00.

Currently, the scale is astatine a speechmaking of 87.22, which is marginally lower, but inactive remains primed for a reversal.

Today’s code could beryllium the tempest that traders are waiting to clear, earlier either intensifying caller momentum, oregon selling disconnected further.

Ethereum

Ethereum (ETH) retreated beneath the $1,800 level connected Wednesday, snapping a six-day winning streak.

Following a precocious of $1,852.68 during yesterday’s session, ETH/USD fell to a debased of $1,758.69 earlier successful the day.

ETH has since rebounded, marginally, and is present trading astatine $1,784.57, which is implicit 3% little than Tuesday’s peak.

Overall sentiment remains mostly positive, with the 10-day (red) moving mean extending its upward inclination versus its 25-day (blue) counterpart.

Although the RSI successful ethereum is besides overbought, and tracking supra 70.00, bulls could effort to propulsion the terms supra $1,900 successful this upcycle.

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