Bitcoin, Ethereum Technical Analysis: BTC Rallies to 1-Week High Above $42,000

Following an extended play of bearish pressure, bitcoin’s terms surged connected Wednesday, arsenic bulls returned to the market. ETH was besides higher, climbing to a five-day precocious successful the process.

Bitcoin

Bitcoin yet broke supra its caller terms ceiling connected hump-day, starring to the world’s largest cryptocurrency snapping a six-day losing streak.

Following a debased of $38,235.74 earlier successful today’s session, BTC/USD surged beyond its absorption level astatine $40,000 arsenic crypto prices rebounded crossed the board.

As of writing, BTC/USD is up astir 9% connected the day, hitting an intraday precocious of $42,352.69 successful the process.

BTC/USD – Daily Chart

This is the highest level BTC has traded since past Friday, erstwhile prices were connected their mode to a present enactment level of $37,600.

Wednesday’s surge successful terms comes arsenic the 14-day RSI broke escaped of its ain absorption constituent of 46.70, and is presently tracking astatine 55.10.

Should terms spot proceed to climb, bulls volition apt effort to recapture the $45,000 ceiling for the archetypal clip since March 2nd.

Ethereum

ETH, which was successful a streak of consolidation for the past 4 sessions, yet moved distant from this floor, and is up by implicit 6%.

As of writing, ETH/USD is trading astatine $2,739.56, which is marginally little than today’s highest of $2,761.80.

Looking astatine the chart, today’s surge has taken the terms of ethereum adjacent to its interim absorption constituent of $2,800.

ETH/USD – Daily Chart

This volition apt enactment arsenic the main hurdle stopping bulls from reaching the $3,000 level, arsenic good arsenic the upcoming RSI ceiling of 50.75.

Bulls volition apt person been buoyed by 10-day and 25-day moving averages, which look acceptable to transverse imminently.

Could we spot ETH astatine $3,000 this week? Leave your thoughts successful the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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