Ethereum rebounds Thursday, less than a week before “the merge”

Bitcoin also rebounded in today’s session, climbing back above $19,000. Overall, the crypto markets are up 4.39% at the time of writing.

Bitcoin

After hitting a multi-month low on Thursday, bitcoin rebounded in today’s session, with prices moving back above $19,000. BTC rallied 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 helped bitcoin pull 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) is still in oversold territory, with the index tracking at 34.84 at the time of writing. A ceiling of 38.00 now awaits if the token continues to rise, and may act as a potential barrier to rising prices.

However, if this support is breached, bulls may look to move prices closer to the 20,000 point.

Ethereum

Ethereum is back in the green as the bulls have entered the market again, buying yesterday’s decline in the process. After a low of $1,505.95 on Wednesday, ETH hit an intraday high of $1,651.05 during Thursday’s session.

The move comes as ethereum rebounded from its $1,550 low earlier in today’s session, after a false break below that point yesterday.

While the bulls still have the $1700 ceiling in their sights, price volatility has increased, following a move above the $1614 resistance. ETH has now declined from previous highs, which is the result of potential profit-taking as former bulls have chosen to secure their gains.

Today, the token is trading at $1,622.92, less than six days before The Merge event begins.