Active Cryptocurrencies: 2116 | Active Exchanges: 234 | Total MarketCap $120,383,351,083.57 | BTC Dominance: 52.33% | ETH Dominance: 10.31%

Shallow Gains Mar BTC, ETH After Steep Decline

Bitcoin (BTC) and Ether (ETH) both show signs of struggle in returning to their previous trading positions before the recent sharp price dive.

BTC/USD

Bitcoin (BTC) currently settles above $11,500 after recently dropping close to the edge of the $11,000 mark. The BTC/USD pair failed to stay north of $13,000 after sustaining a huge blow from the comments made by FED’s chair Jerome Powell in regard to Facebook’s Libra cryptocurrency.

Bitcoin (BTC) Price Chart July 12

The pair trades at $11,634.53 at press time, with a 1.2-percent increase in the past 24 hours. BTC’s chances to break past $12,000 today, however, is small as it is capped under $11,800.

ETH/USD

Ether (ETH) took a steep dive from Wednesday to Thursday, dropping by almost $30 in total. The ETH/USD returned to the $270 region after trading above $300 three straight days.

Ether (ETH) Price Chart July 12

An FX Street report said:

“A sustainable move under $280 bodes ill for ETH bulls in the short run; the longer-term picture also looks worrisome as the price broke below SMA50 (Simple Moving Average) on a daily chart (currently at $276), coupled with the upper boundary of the previous consolidation channel. Unless the price returns above $276-$280 resistance area in the nearest future, the sell of will gain traction with the next bearish focus as low as $230. This support is created by the lower boundary of the said range and SMA100 daily.”

At press time, ETH trades at $274.63, with almost 0.5-percent increase in the past 24 hours.

| RELATED: ETH Volume Transaction Surge Signals Possible Bull Run

Source: FX Street

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