Bitcoin, Ethereum Technical Analysis: Bitcoin Hits $43,000 After Tesla Announcement

Following a beardown weekend, bitcoin’s surge continued to commencement the week, arsenic Tesla announced adjacent to $2 cardinal worthy of holdings successful BTC. Overall, crypto markets were astir 3% higher connected Monday.

Bitcoin

Bitcoin, which consolidated for the bulk of past week, moved person to a three-week precocious today, climbing by arsenic overmuch arsenic 3% arsenic of writing.

BTC/USD roseate to an intraday precocious supra $43,500.00 during Monday’s session, arsenic markets reacted to the quality that Tesla presently holds $1.9 cardinal successful bitcoin.

The determination came arsenic bitcoin marginally broke retired of its absorption level of $42,060 for the archetypal clip since January 21.

As of writing, the RSI besides climbed to a precocious point, tracking supra its semipermanent ceiling of 60, which it past deed successful mid-November.

BTC/USD – Daily Chart

Monday’s determination has besides led to a crossover of the 10-day (red) and 25-day (blue) moving averages, which galore semipermanent bulls person been waiting for.

Bulls whitethorn instrumentality this arsenic a motion to adhd much upward unit to prices, with immoderate targeting $45,000 arsenic the adjacent constituent of nett taking.

Ethereum

ETH was besides tracking astatine multi-week highs connected Monday, arsenic bulls proceed to flock to the world’s 2nd largest cryptocurrency.

As of writing, ETH/USD climbed to a precocious of $3,111.16 today, aft trading astatine $2,965.43 little than 24-hours ago.

Overall, ethereum is up implicit 20% successful the past week, coming arsenic its 14-RSI broke beyond 2 cardinal absorption levels successful that time.

The archetypal interruption came aft a interruption supra 44 connected February 3, followed by Saturday’s surge supra the 55 ceiling.

ETH/USD – Daily Chart

These moves person created a displacement successful some the 10-day and 25-day moving averages, which, akin to BTC, is acceptable for a crossover.

Is ETH present headed to a absorption of $3,400? Leave your thoughts successful the comments below.

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