Bitcoin, Ethereum Technical Analysis: BTC Remains Near $23,000 to Start the Week

Bitcoin continued to hover astir the $23,000 level connected Jan. 23, arsenic bullish sentiment remained precocious successful markets. Over the play the world’s largest cryptocurrency roseate to its strongest level since August, with bulls moving to consolidate these gains. Ethereum besides traded successful the greenish today, remaining supra $1,600 successful the process.

Bitcoin

Bitcoin (BTC) continued to commercialized adjacent a five-month precocious to commencement the week, arsenic sentiment successful crypto markets remained bullish.

Following a debased of $22,387.90 connected Sunday, BTC/USD deed an intraday highest of $23,056.73 earlier successful today’s session.

On Saturday, BTC roseate to a precocious of $23,375, which was its strongest constituent since August 18, and it appears arsenic though bulls are hoping to recapture this point.

BTC/USD – Daily Chart

In bid to execute this, the 14-day comparative spot scale (RSI) volition apt request to determination backmost towards a ceiling astatine 91.00.

Currently, the scale is astatine the 85.26 level, which is already overbought, and this could pb to immoderate opting to unafraid gains and wantonness erstwhile positions.

As of writing, BTC is trading astatine $22,876.55, which is marginally higher than Sunday’s peak.

Ethereum

Ethereum (ETH) besides appeared to beryllium consolidating the weekend’s gains, with prices remaining supra the $1,600 mark.

On Monday, ETH/USD has truthful acold risen to a highest of $1,658.02, which is comparatively adjacent to Saturday’s four-month precocious astatine $1,680.

Today’s highest comes arsenic the world’s 2nd largest cryptocurrency rebounded from a level astir the $1,610 mark.

ETH/USD – Daily Chart

Looking astatine the chart, the rebound took spot pursuing a failed breakout of a enactment constituent of 75.00 connected the RSI indicator.

As of writing, the indicator is tracking astatine 75.23, with the adjacent disposable absorption level astatine 80.00 zone.

ETH bulls volition apt beryllium inactive targeting a determination supra $1,700, and for this to occur, the 80.00 people indispensable archetypal beryllium overcome.

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Could ethereum ascent supra $1,700 this week, contempt prices being overbought? Leave your thoughts successful the comments below.

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