Technical Analysis of Bitcoin and Ethereum: BTC Rises to 2-Week High

Bitcoin continued to trade above $20,000 on Wednesday, as the token remained near a two-week high. Bullish momentum in cryptocurrency markets has been higher this week, with prices surging after a recent downward spell. Ethereum, on the other hand, was essentially unchanged in today’s session.


The Bitcoin (BTC) price was again above $20,000, and it was still trading close to a two-week high.

Late on Tuesday, BTC/USD soared to $20,479. This was the currency pair’s highest level since September 13.

Prices on Wednesday stayed close to this level but slightly declined after failing to continue a breakout of a significant resistance point.

As of this writing, the token is trading at $20,024.63, which is still better than yesterday’s low of $19,917.91. The token briefly fell below this ceiling of $20,350 earlier today.

The 14-day relative strength index (RSI), seen on the chart, has also decreased today; the indicator is currently tracking at 52.45.

This value is only below a support level of $53.00, and should the reading drop further, BTC will probably once again trade below $20,000.


On Wednesday, Ethereum (ETH) was mainly stabilizing as the coin retreated towards a support level of its own.

Yesterday’s sessions saw ETH/USD reach a high of $1,364.97 before falling to an intraday low of $1,335.89 earlier today.

As a result of this slippage, the second-largest cryptocurrency in the world went back towards the $1,330 floor, which it recently broke out of.

The chart shows that the slide started when the RSI could not advance over the 44.90 resistance level from yesterday.

Price strength is currently tracking at 43.67 and appears to be moving toward a floor near the 42.00 level.

There is a great chance that Ethereum will cost less than $1,300 when it reaches its destination.

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Do you anticipate Ethereum falling below $1,300 this week? Leave your thoughts in the comments below.