After six consecutive days trading in the red, ethereum bounced back on Thursday, once again climbing above the $1,900 mark. The move came as bitcoin also edged higher, after falling to a four-week low during Tuesday’s session.
Bitcoin
Bitcoin (BTC) was marginally higher on Thursdays, as the cryptocurrency once again attempted to rebound from recent losses.
Following a low of $29,794.27 on Wednesday, BTC/USD rose to an intraday peak of $30,406.45 earlier in the day.
The move came as bitcoiners continued to move away from Tuesday’s fall below $30,000, which resulted in BTC hitting a four-week low.
Price stabilized as the relative strength index (RSI) found a firm floor at the 49.00 mark. It has now surged to a current reading of 53.60.
Traders are likely now targeting an upcoming ceiling at $30,800, which has historically been the last line of defense before entering the $31,000 zone.
Despite this target, momentum still appears to be bearish, as a result of the recent downwards crossover of the 10-day (red) and 25-day (blue) moving averages.
Ethereum
In addition to bitcoin, ethereum (ETH) rose back above $1,900 in today’s session, ending its own losing streak.
ETH/USD hit a high of $1,927.57 earlier in today’s session, which comes a day after edging to a low of $1,883.07.
Momentum has been largely bearish in the world’s second largest cryptocurrency in recent days, following last week’s rally.
Today’s move is the first day since last Thursday that ethereum has traded in the green, with traders still optimistic about future surges above $2,000.
A ceiling at $1,960 will likely be the main test for ethereum’s bull strength, and should it pass this level, it is highly likely the price will reach $2,000.
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What fundamentals are behind today’s price rebound? Leave your thoughts in the comments below.