After a brief spell above $35,000 late on Wednesday, bitcoin retreated below this level during today’s session. Despite the decline, the cryptocurrency continues to trade close to an 18-month high on Thursday. Ethereum rose back above the $1,800 level.
Bitcoin
Bitcoin once again fell below the $35,000 level on Thursday, after a brief stint above this level on Wednesday.
Following a high of $35,133.76 late in yesterday’s session, BTC/USD dropped to an intraday low of $34,151.88 earlier today.
The move saw bitcoin continue to trade close to its strongest point since May 2022, when price was over $37,000.
At the time of writing, bitcoin is now trading at $33,990.55, which comes as the relative strength index (RSI) failed to penetrate the 90.00 zone.
Currently, the index is at a reading of 82.99, which remains significantly overbought in the medium term.
Should sentiment begin to truly shift bearish, a floor at $31,000 is the likely target for bears in the market.
Ethereum
On the other hand, ethereum (ETH) was mostly higher, leading prices back above the $1,800 level.
ETH/USD peaked at $1,865.10 earlier in today’s session, following a low at $1,781.49 on Wednesday.
As a result of today’s surge, ethereum rose to its highest level since August, when the price hovered below $1,880.
The cryptocurrency has now traded in the green for seven straight sessions, adding nearly 20% to its value during this period.
Overall, the 10-day (red) moving average continued to race ahead of its 25-day (blue) counterpart, which is a sign that momentum remains bullish.
At the time of writing, the RSI is at 74.90, which could cause current buyers to soon begin to capture gains.
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Do you expect ethereum to hit $1,900 before market sentiment shifts? Leave your thoughts in the comments below.
