Bitcoin, Ethereum Technical Analysis: ETH Rebounds on Thursday, Less Than a Week Before ‘The Merge’
Ethereum was back in the green on Thursday, as bulls returned to action following yesterday’s sell-off. The token rose by over 8% in today’s session, as prices once again climbed above the $1,600 level. Bitcoin also rebounded in today’s session, moving back above $19,000. Overall, crypto markets are trading 4.39% higher as of writing.
Bitcoin
After slipping to a multi-month low on Thursday, bitcoin (BTC) rebounded in today’s session, as prices rose back above $19,000.
BTC/USD rallied to an intraday high of $19,427.17 earlier today, which comes less than 24 hours after hitting a bottom of $18,710.09.
The rebound saw bitcoin move away from its lowest point since June 18, with the token now trading near a support level of $19,200
Looking at the chart, the relative strength index (RSI) is still in oversold territory, with the index tracking at 34.84 as of writing.
A ceiling of 38.00 now awaits should the token continue to rise, and may act as a potential obstacle to prices climbing any further.
However, should BTC move beyond this point, bulls may look to take prices closer to the $20,000 point.
Ethereum
Ethereum (ETH) was back in the green, as bulls once again re-entered the market, buying yesterday’s dip in the process.
Following a low of $1,505.95 on Wednesday, ETH/USD raced to an intraday peak of $1,651.05 during Thursday’s session.
The move comes as ethereum bounced from its floor of $1,550 earlier in today’s session, after a false breakout below this point yesterday.
Although bulls still have their sights set on a ceiling of $1,700, price volatility has increased, following a move above resistance of $1,614.
ETH has now declined from earlier highs, which comes as a result of potential profit taking, with previous bulls opting to secure gains.
As of writing, the token is now trading at $1,622.92, less than six days before the start of The Merge event.
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Can ethereum hit $1,700 before the end of the week? Leave your thoughts in the comments below.
