After a steep drop in price the previous day, investors have started to buy Ethereum again today, sending the price back into positive territory. During today’s trading session, the value of the token increased by more than 8%, and prices once again moved back above the $1,600 threshold. Additionally, Bitcoin staged a comeback during today’s session, climbing back above $19,000. As this article is being written, crypto markets are trading 4.39% higher overall.
Bitcoin (BTC) prices surged back above $19,000 during today’s trading session, marking a strong recovery after falling to a multi-month low on Thursday.
The Bitcoin to US Dollar exchange rate climbed to an intraday high of $19,427.17 earlier today. This comes less than 24 hours after the pair reached a low of $18,710.09.
Bitcoin moved away from its lowest position since June 18 thanks to the rally, and the currency is now trading near a support level of $19,200.
When looking at the chart, it can be seen that the relative strength index (RSI) is still in the oversold region, with the index tracking at 34.84 as of the time this article was written.
In the event that the token continues its upward trend, a ceiling of 38.00 has been established as a potential barrier that might prevent prices from growing much higher.
If Bitcoin is able to go past this barrier, though, bulls may aim to bring prices closer to the $20,000 point.
Ethereum (ETH) was once again trading in the green as bulls re-entered the market and bought the drop that occurred the day before. In the process, they bought yesterday’s decline.
After hitting a session low of $1,505.95 on Wednesday, the ETH/USD exchange rate skyrocketed to an intraday high of $1,651.05 on Thursday.
After a failed attempt to break below this level the previous day, ethereum was able to recover and bounce from its support level of $1,550 early in today’s trading session.
After breaking over the level of resistance at $1,614, the price has been more volatile, despite the fact that bulls continue to have their sights set on a ceiling of $1,700.
The price of Ethereum (ETH) has dropped from its earlier highs, which may be the result of prior bulls deciding to take some profit in order to safeguard their gains.
As this article is being written, the current trading price of the token is at $1,622.92, which is less than six days before the beginning of The Merge event.