After a brief spell above $35,000 late on Wednesday, bitcoin retreated below this level during today’s session. Despite the decline, the cryptocurrency continues to trade close to an 18-month high on Thursday. Ethereum rose back above the $1,800 level.

Bitcoin

Bitcoin once again fell below the $35,000 level on Thursday, after a brief stint above this level on Wednesday.

Following a high of $35,133.76 late in yesterday’s session, BTC/USD dropped to an intraday low of $34,151.88 earlier today.

The move saw bitcoin continue to trade close to its strongest point since May 2022, when price was over $37,000.

At the time of writing, bitcoin is now trading at $33,990.55, which comes as the relative strength index (RSI) failed to penetrate the 90.00 zone.

Currently, the index is at a reading of 82.99, which remains significantly overbought in the medium term.

Should sentiment begin to truly shift bearish, a floor at $31,000 is the likely target for bears in the market.

Ethereum

On the other hand, ethereum (ETH) was mostly higher, leading prices back above the $1,800 level.

ETH/USD peaked at $1,865.10 earlier in today’s session, following a low at $1,781.49 on Wednesday.

As a result of today’s surge, ethereum rose to its highest level since August, when the price hovered below $1,880.

The cryptocurrency has now traded in the green for seven straight sessions, adding nearly 20% to its value during this period.

Overall, the 10-day (red) moving average continued to race ahead of its 25-day (blue) counterpart, which is a sign that momentum remains bullish.

At the time of writing, the RSI is at 74.90, which could cause current buyers to soon begin to capture gains.

Register your email here to get weekly price analysis updates sent to your inbox:

Do you expect ethereum to hit $1,900 before market sentiment shifts? Leave your thoughts in the comments below.