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