Bitcoin, Ethereum Technical Analysis: BTC Hits $48,000 as ETH Nears January High of $3,500 

Bitcoin concisely deed a precocious supra $48,000 connected Tuesday, arsenic prices of the world’s largest cryptocurrency roseate for an eighth consecutive day. ETH was besides trading higher during the session, with prices nearing their highest since January 5.

Bitcoin

Bitcoin reached the $48,000 level today, arsenic the world’s largest cryptocurrency climbed higher for an eighth consecutive session.

On Tuesday, BTC/USD roseate to an intraday precocious of $48,086.84, arsenic prices roseate to their highest constituent since New Year’s Eve.

Today’s determination comes arsenic bitcoin has sustained its upward momentum since breaking retired of the past ceiling of $42,500 connected March 22.

BTC/USD – Daily Chart

Now connected the cusp of yet different absorption astatine $48,200, BTC’s caller streak volition apt beryllium tested, arsenic bears volition look to abbreviated astatine this point.

Looking astatine the chart, past shows america that determination person been erstwhile bearish runs astatine this point, akin to January 2, and with prices presently overbought, determination is immoderate crushed arsenic to wherefore a reversal could occur.

Bulls volition apt not springiness mode without a fight, however, arsenic longer-term investors consciousness a existent accidental to determination towards $50,000.

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Ethereum

In summation to BTC, prices of ethereum besides climbed connected Tuesday, arsenic the planetary crypto marketplace headdress roseate by astir 2% arsenic of writing.

ETH/USD climbed to an intraday precocious of $3,470.19 during today’s session, which is its highest level since January 6.

Today’s determination present means that ethereum’s terms has risen for 13 of the past 15 days, gaining adjacent to 20% successful worth wrong that period.

ETH/USD – Daily Chart

The rally which took spot contiguous saw ETH breakout of its absorption level astatine $3,380, pursuing a interruption beyond the $3,170 people lone 2 days prior.

As such, terms spot continues to surge, with the 14-day RSI present tracking astatine 74.39, which is simply a multi-month high.

Although immoderate volition proceed to expect a reversal, the momentum of the moving averages shows nary motion of slowing down, which could pb to further gains.

Could we spot the $3,500 level deed arsenic aboriginal arsenic today? Leave your thoughts successful the comments below.

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