Investing.com – Prices of both bitcoin and ethereum fell on Wednesday, as the rally in both digital currencies eased, with the latter falling nearly 10%.
On the U.S.-based GDAX exchange, BTC/USD fell to $2,706.5, down 0.68%.
Bitcoin struggled to hold onto gains on Wednesday, as investors remained wary of initiating large position amid several warnings from analysts that the digital currency has peaked since hitting $3,000 last week.
Goldman Sachs chief technician Sheba Jafari, warned investors that bitcoin faces selling pressure as it nears bearish territory, after it settled below 2,749 on June 12.
Meanwhile, Ether, a currency transacted through the Ethereum platform, fell 9.34% to $317.71.
Sharp rallies and steep troughs are not uncommon moves for the world’s two most popular cryptocurrencies, according to Raoul Pal —author and publisher of The Global Macro Investor, an elite macroeconomic and investment research service – who said “[Bitcoin] goes through this periodically… it rises several hundred percent, and then collapses.”