Cryptocurrencies remain depressed; what can change the history?

Major cryptocurrencies traded Wednesday on consolidation mode after recent declines from weekly highs. Ethereum bounced, but the pair remains subdued.

Bitcoin trades on a consolidation mode, but bearishness is on the table

BTCUSD July 12

BTCUSD July 12

Bitcoin is trading in consolidation mode after a three-day decline from 6,810 on July 9 to trade as low as 6,280 on July 10. In the last two days, BTC/USD has been trading in a small range between 6,280 and 6,400.

Technical conditions suggest more weakness in the pair. If the BTC/USD breaks below the 6,280 level, it will visit the 6,000 level. Then the buying areas would be at 5,780 and 5,544.

To the upside, the pair needs a close above the 55-day moving average around 6,810 to confirm some bullish potential. Above that, 7,900 is the next resistance, followed by 8,650 and 9,130.

Ethereum bounces at the dynamic support but remains on risk

ETHUSD daily chart July 12

ETHUSD daily chart July 12

Technical conditions for the cryptocurrency Ethereum looks bearish as the pair doesn’t give signals for a real bullish potential. ETH/USD is currently trading in consolidation mode around 439.40, following three days of declines.

RSI is heading to the south, as well as moving averages. MACD is also pointing for a bearish situation. In charting terms, the pair is clearly in a downtrend.

After a modest bounce on Wednesday, ETH/USD is trading 1.30 negative on Thursday at 439.40. To the downside, supports are at 425.00 and 405.00. Below that, 373.60 is the last frontier.

To the upside, ETH/USD needs a close above the 20-day moving average of 456.35 first, then, the 500 level is a psychological level to be broken, and finally, the 50-day moving average is the level that will confirm the trend change.

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