Bitcoin, Ethereum Technical Analysis: BTC Moves Below $40,000, Some Anticipating Drop to $30,000

Bitcoin, Ethereum Technical Analysis: BTC Moves Below $40,000, Some Anticipating Drop to $30,000

After a boost on Tuesday, following the release of U.S. inflation data, bitcoin prices were once again lower on Wednesday. BTC has mainly traded below $40,000 during the session, with ETH continuing to hover above the $3,000 level. Bitcoin

Following a slight rebound in price during yesterday’s session, BTC fell below $40,000 earlier today, and has remained there throughout the day so far.

BTC/USD dropped to an intraday low of $39,389.66 on Wednesday, which came less than 24 hours after hitting a peak of $40,617.59.

Wednesday’s move saw prices move past the support level of $39,515. However, they have since rallied, moving away from these lows. BTC/USD – Daily Chart

As of writing, BTC is now trading at $39,783.91, which is still 1.66% lower than yesterday’s high, with some expecting further declines.

Prominent Twitter technical analyst “Plan B” ran a poll asking his 1.7 million followers if they believed BTC will dip below $30,000, to which 45% of those who voted said “yes.”

The majority who voted “no” are likely looking at the RSI, which is currently tracking at 37, and is already oversold, and may be anticipating a more short-term realistic target of $37,000.

Ethereum

ETH was fighting to stay above $3,000 on Wednesday, as its price was also marginally lower than that of yesterday’s peak.

On Wednesday, ETH/USD fell to an intraday low of $3,005 following the earlier high of $3,080, which sees the price down 2.10% as of writing.

Despite this drop, bulls seem to still be unmoved by the uncertainty of prices, and could even look to send ETH back towards resistance. ETH/USD – Daily Chart

This short-term resistance is at the $3,145 level, and with historical bullish sentiment around the current floor of $3,050, we may see a rebound.

However, looking at the chart, a cross of the 10-day and 25-day moving averages has occurred, which could be a sign that momentum may indeed be bearish. Tags in this story Analysis, BTC, ETH, Ethereum

Do you expect ETH to fall further during the second half of April? Leave your thoughts in the comments below. Eliman Dambell

Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Biggest Movers: WAVES Falls to 1-Month Low, BCH Over 10% Higher on Wednesday MARKET UPDATES | 8 hours ago Biggest Movers: SHIB up Almost 20% Following Robinhood Listing, NEAR Also Higher MARKET UPDATES | 1 day ago

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