ETH rebounds on Thursday, less than a week before “The Merge” – Market Updates Bitcoin News
Ethereum was back in the green on Thursday, as bulls returned to action after yesterday’s selloff. The token rose over 8% in today’s session as prices once again climbed above the $1,600 level. Bitcoin also bounced back in today’s session, moving back above $19,000. Overall, crypto markets are trading 4.39% higher at the time of writing.
Bitcoin
After falling to a multi-month low on Thursday, bitcoin (BTC) rebounded in today’s session as prices climbed back above $19,000.
BTC/USD rose to an intraday high of $19,427.17 earlier today, which comes less than 24 hours after hitting a low of $18,710.09.
The rebound saw bitcoin move away from its lowest point since June 18, with the token now trading near a support level of $19,200
Looking at the chart, the relative strength index (RSI) remains in oversold territory, with the index at 34.84 at the time of writing.
A ceiling of 38.00 now awaits if the token continues to rise, and could act as a potential obstacle for prices to climb further.
However, should BTC move beyond this point, bulls could look to take prices closer to the $20,000 point.
Ethereum
Ethereum (ETH) was back in the green as bulls re-entered the market, buying yesterday’s dip in the process.
After a low of $1,505.95 on Wednesday, ETH/USD rallied to an intraday high of $1,651.05 during Thursday’s session.
The move comes as ethereum bounced off the $1,550 floor earlier in today’s session, following a false breakout below that point yesterday.
Although bulls are still targeting a ceiling of $1,700, price volatility has increased, following a move above resistance at $1,614.
ETH has now fallen from previous highs, which comes as a result of potential profit taking, with previous bulls opting to secure gains.
At the time of writing, the token is trading at $1,622.92, less than six days before the start of The Merge event.
Register your email here to get weekly price analysis updates delivered to your inbox:
Can ethereum reach $1700 before the end of the week? Leave your thoughts in the comments below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for damages or losses caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
![[Column] Towards a global fintech hub](https://www.cryptoproductivity.org/wp-content/uploads/2023/03/0cbf7509-517d-43e6-bd78-f7b8fafcf3e9-120x120.jpg "[Column] Towards a global fintech hub")
