Bitcoin, Ethereum Technical Analysis: BTC Hovers Slightly Above $20,000, as Crypto Volatility Continues

BTC was trading higher on hump day, as bullish momentum picked up as the week progressed. Prices once again tested a key resistance level above $20,000, with ETH also hovering around a ceiling of its own during Wednesday’s session.

Bitcoin

Bitcoin was trading in the green for most of Wednesday’s session, as bullish pressure continued to intensify.

Following a low of $19,341.23 on Tuesday, BTC/USD was up by over $1,000 from this point earlier today.

Prices rose to a peak of $20,635.47 during the session, surging past the resistance point of $20,500 in the process.

Like on Tuesday, gains have somewhat eased following a collision with this resistance level, with bitcoin now trading at $20,219.85 as of writing.

However, should bulls manage to finally overcome this point, then we could see BTC move closer to a higher ceiling at $22,000.

This run may begin once we see a breakout of the current resistance level of 38.20 on the 14-day RSI indicator.

Ethereum

ETH was marginally higher on Wednesday also, as prices continued to trade above $1,100 following yesterday’s surge.

As of writing, ETH/USD has risen to an intraday high of $1,162.40 on hump day, which is marginally above a ceiling of its own.

This short-term resistance at the $1,150 level has been in place for the past seven days, however bulls look set on moving beyond this.

Earlier gains on Wednesday have since diminished, with ETH now trading at $1,146.38 as of writing.

One reason behind the current volatility is the fact relative strength continues to hover below a ceiling of 42.

If price strength eventually moves past this obstacle, then it is likely that we will see an influx of bulls that will look to take prices closer to $1,300.

Could we see a breakout of the RSI ceiling this week? Leave your thoughts in the comments below.

Earning Passive Income With Crypto

Related Posts

Fractional NFT Markets Slide 76% in Value in 7 Months, Diced-up Doge NFT Still Leads the Pack

When non-fungible token (NFT) collectibles became popular, the fractionalized NFT market grew past the $200 million range seven months ago in December 2021. Since then, the fractionalized…

Bored Ape Yacht Club (BAYC) NFT Sales Test New Higher-Low Slipping More Than $290M

Similar to more than 90% of NFTs, BAYC saw a significant reduction in sales volume due to negative market sentiment during the seventh month of the year. …

Crypto Use in Metaverse Could Threaten Financial Stability, Says BoE

The prospective widespread use of cryptocurrencies within a fully developed metaverse could pose a systemic risk to financial stability, according to Bank of England researchers. Were the…

Troubled CoinFLEX Files for Restructuring in Seychelles

On Tuesday, the troubled Cryptocurrency exchange, CoinFlex, filed for restructuring in a Seychelles court to resolve a shortfall due to a counterparty failing to make a margin…

Elon Musk Sells Tesla Shares Worth Nearly $7 Billion — Plans to Buy TSLA Stock Back if Twitter Deal Falls Through

Elon Musk has sold nearly 8 million Tesla shares worth almost $7 billion. “It is important to avoid an emergency sale of Tesla stock” if Twitter forces…

Citadel CEO Ken Griffin Spills Beans on Why He Outbid ConstitutionDAO

Citadel CEO Ken Griffin opens up on what prompted him to outbid ConstitutionDAO last year to obtain a rare copy of the U.S. Constitution. The prized document…