Bitcoin, Ethereum Technical Analysis: BTC, ETH Climb for Second Consecutive Session

Bitcoin was higher for a 2nd consecutive session, arsenic the world’s largest cryptocurrency was pushing towards the $40,000 level. Ethereum besides rallied, arsenic it moved distant from its three-week low.

Bitcoin

Bearish unit seems to person eased successful BTC, arsenic bulls were firmly contiguous to commencement Wednesday’s trading session.

Following a debased beneath $36,400 yesterday, BTC/USD deed an intraday precocious of $38,917.27 earlier successful today’s session.

The determination sees bitcoin borderline person to the cardinal $40,000 level, which it broke beneath connected Monday, pursuing rising tensions with Ukraine and Russia.

Looking astatine the chart, the 14-day RSI has besides gained, and present sits astatine 43.73, which is marginally beneath absorption of 44.74.

BTC/USD – Daily Chart

Bulls hoping that BTC enters the $40,000 level volition apt hold to spot if the momentum of the past 2 days extends. If so, they could look to boost terms spot adjacent further.

We whitethorn present spot immoderate tentative enactment astir the existent level, until a wide interruption of this ceiling takes place.

Ethereum

ETH besides moved higher, arsenic the world’s 2nd largest cryptocurrency rallied distant from caller lows.

As of writing, ETH/USD is up adjacent to 3%, aft rising to an intraday precocious of $2,741.30, which is its highest level since Monday.

Price spot besides climbed, with the 14-day RSI breaking beyond its ain absorption constituent astatine 40, presently tracking astatine 43.35.

ETH/USD – Daily Chart

Despite the climb, determination is different ceiling adjacent by, with the 44.42 level seen arsenic a large hurdle, owed to the level of bears which person lived determination successful the past.

Markets present hold to spot if past volition repetition itself, oregon if we volition person a breakout, and perchance caput towards $3,000.

Could these gains widen heading into the second portion of the week? Leave your thoughts successful the comments below.

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