Bitcoin continued to sit firmly below the $26,000 level on Wednesday, after breaking out of a key price floor. The world’s largest cryptocurrency by market cap has mostly consolidated in recent days, as traders await Federal Reserve Chair Jerome Powell’s speech at Jackson Hole this Friday.
Bitcoin
Bitcoin moved below a key price floor late on Tuesday, as the cryptocurrency extended its streak of consolidation.
Following an earlier high of $26,160.78, BTC/USD dropped to an intraday low of $25,520.73 late during yesterday’s session.
This resulted in price diving to a five-day low, and below a recent support point at the $25,600 level.
As of writing, bitcoin has since rebounded and is currently trading at $25,870.08, with the relative strength index (RSI) hovering around a floor of its own at 20.00.
Price strength now sits at 19.82, which remains in the depths of a bear zone, however, it also acts as a positive for longer-term bulls, as sentiment appears to have already found a bottom.
Friday’s Jackson Hole Symposium could provide a spark that markets have been missing in recent days.
Ethereum
Ethereum (ETH) briefly fell under the $1,600 level yesterday. However, price has gone on to recover in today’s session.
ETH/USD bottomed out at $1,596.38 on Tuesday, following a peak of $1,662.88 earlier in the day.
Similar to bitcoin, this drop pushed ethereum to its lowest point since last Thursday, which is when markets reacted to the Spacex news.
ETH is now trading at $1,637, and comes as the RSI bounced from a support level of 22.00, and has now moved to 23.19.
The 27.00 mark remains the target for bulls currently in the market, with a collision likely to result in ETH rising above $1,700.
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Can ethereum hit $1,700 this week? Leave your thoughts in the comments below.