2 years ago
Bitcoin and ETH rallied connected Sunday evening, arsenic prices approached their highest level successful astir 3 months. BTC climbed supra $47,000, portion ETH moved past the $3,300 constituent to commencement the week.
Bitcoin
Bitcoin started the week successful beardown fashion, with prices rising past $47,000 for the archetypal clip since the opening of the year.
On Monday, BTC/USD roseate to an intraday precocious of $47,245, arsenic prices roseate to their highest constituent since January 2.
Today’s determination took spot pursuing the breakout of the $44,950 absorption level during Sunday’s session, with prices present targeting yet different ceiling.
BTC/USD – Daily ChartBitcoin bulls volition apt beryllium looking towards the $50,000 people arsenic their adjacent target, nevertheless they indispensable archetypal flooded absorption astatine $48,200.
However, looking astatine the chart, the 14-day RSI indicator is present profoundly successful overbought territory, tracking astatine astir 70, which is its astir since October.
This volition apt beryllium a immense obstacle for bulls to overcome, arsenic terms spot appears to person peaked, with bears perchance waiting for the cleanable clip to participate the market.
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Ethereum
ETH has besides rallied to multi-month highs connected Monday, arsenic the world’s second-largest cryptocurrency extended its caller gains.
Today’s gains saw ETH ascent to an intraday precocious of $3,351.07, which is the astir the terms has deed since January 16.
Current ETH bulls whitethorn nevertheless go somewhat nervous, arsenic the upcoming ceiling of $3,390 could get successful the mode of further upwards momentum.
ETH/USD – Daily ChartSimilar to BTC, the 14-day RSI connected ethereum is presently overbought, with it presently tracking astatine 71, which is the highest constituent since September.
The upcoming ceiling is apt 1 of the main hurdles lasting successful the mode of ETH, arsenic it looks to ascent backmost towards the $4,000 level.
Will we spot further gains, contempt prices being overbought? Leave your thoughts successful the comments below.
Eliman Dambell
Eliman brings a diversified constituent of presumption to marketplace analysis, having worked arsenic a brokerage director, retail trading educator, and marketplace commentator successful Crypto, Stocks and FX.
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