Bitcoin, Ethereum Technical Analysis: BTC Slips Below $40,000 yet Again, Following Brief Rebound on Tuesday 

Bitcoin, Ethereum Technical Analysis: BTC Slips Below $40,000 yet Again, Following Brief Rebound on Tuesday 

Following a brief rally on Tuesday, BTC once again dropped below the $40,000 level during today’s session. Wednesday’s selloff has seen prices fall by as much as 4%, whilst ETH also declined by the same amount. Bitcoin

The world’s largest cryptocurrency moved lower on Wednesday, following a brief rally during yesterday’s trading session.

Following a peak of $40,330.46 on Tuesday, BTC/USD slipped to an intraday bottom of $37,884.99 on hump-day.

This latest low sees BTC continue to trade near its $37,700 support level, and close to a recent one-month low. BTC/USD – Daily Chart

Since today’s floor, prices have gone on to climb and bitcoin is currently hovering near the $38,910.00 level.

Looking at the chart, the 14-day RSI is also tracking above its own ceiling of 39.50, with the potential for it to move to a higher resistance of 43.

Should this happen, not only will we see the current floor continue to hold firm, but we may also be positioned for a run towards $41,000.

Ethereum

ETH was also unable to sustain gains made during Tuesday’s session, as prices once again dropped below $3,000.

The world’s second-largest cryptocurrency hit a bottom of $2,786.25 earlier today, which comes less than 24 hours after it traded close to $3,046.

Today’s drop saw prices find support at the $2,780 level, which has historically been a soft landing spot for retreating bulls. ETH/USD – Daily Chart

This proved to be the case yet again, as ETH/USD bounded from its earlier low, and is now trading at $2,862.25.

Looking at the chart, this is still roughly 3.98% lower than yesterday’s peak, and comes as RSI attempts to move away from a six-week low.

Glancing ahead, the $2,950 resistance seems to be the only real obstacle in the way of any further runs deep into the $3,000 region. Tags in this story Bitcoin, BTC Analysis, Ethereum (ETH)

Do you expect crypto consolidation to continue into May? 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: NEAR Hits 1-Month Low, XMR Down 12% MARKET UPDATES | 8 hours ago Biggest Movers: GRT up 15%, While ZEC Rallies Following Recent Losses MARKET UPDATES | 1 day ago

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