Bitcoin, Ethereum Technical Analysis: Bitcoin Climbs Above $47,000, as ETH Consolidates at Key Resistance Level

Bitcoin was backmost successful the greenish during Tuesday’s session, arsenic the world’s largest cryptocurrency roseate supra $47,000. ETH was besides marginally higher today, arsenic it continued to hover adjacent to its $3,500 absorption level.

Bitcoin

Bulls were backmost successful bitcoin connected Tuesday, arsenic the world’s largest cryptocurrency roseate supra $47,000 during the session.

Following a debased of $45,235.82 to commencement the week, BTC/USD rallied to an intraday precocious of $47,106.14 earlier successful the day.

Despite the surge, marketplace uncertainty continued to beryllium an contented successful crypto trading, with prices moving distant from these highs arsenic the league progressed.

BTC/USD – Daily Chart

As of writing, BTC is trading astatine $46,488.91, which is inactive 1.18% higher than yesterday’s low, but astir $600 beneath the day’s high.

Looking astatine the chart, earlier gains eased arsenic we approached the absorption level of 62.92 wrong the 14-day RSI indicator.

Should we proceed to commercialized beneath this point, terms consolidation could extend, with a breakout perchance taking BTC supra $48,000.

Ethereum

The terms of ETH continued to consolidate during today’s session, arsenic it hovered somewhat beneath its cardinal absorption level.

ETH/USD broke retired of this absorption astatine $3,500 to commencement the day, climbing to an intraday precocious of $3,546.71 successful the process.

Since past the terms of ETH has somewhat faded, and arsenic of writing, is trading astir $3,478.37, which is inactive marginally higher than yesterday’s bottommost of $3,412.

ETH/USD – Daily Chart

The consolidation of absorption has been going connected for adjacent to 4 days now, pursuing a caller bullish tally successful ETH, nevertheless this momentum seems to person yet faded.

Looking astatine the chart, terms spot continues to autumn distant from the 71.45 ceiling wrong the RSI indicator, and is presently tracking astatine 67.

Despite the caller weakness, prices are inactive comparatively overbought, which could perchance springiness mode to further drops successful price.

The enactment level of 65 connected the 14-day RSI volition apt beryllium the main obstacle stopping bears from pushing prices lower.

Has ETH yet mislaid bullish momentum, pursuing its caller upwards rally? Leave your thoughts successful the comments below.

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