Bitcoin, Ethereum Technical Analysis: BTC Surges Towards $45,000 as Russia Withdraws ‘Some’ Troops

Following 4 consecutive sessions of declines, bitcoin rallied precocious connected Monday, into Tuesday, arsenic it was reported that Russia was withdrawing immoderate troops from the Ukrainian border. Overall, crypto markets are up adjacent to 5% connected the day.

Bitcoin

BTC yet rebounded during Tuesday’s session, arsenic bulls erstwhile again re-entered the contention to $45,000.

Following a debased of $41,928.19 yesterday, BTC/USD roseate to an intraday precocious of $44,331.96 connected Tuesday, with galore present expecting further short-term increases successful price.

Today’s rally came arsenic prices moved distant from enactment which was adjacent to $41,000, helped by the summation successful momentum.

This emergence successful momentum came arsenic the short-term 10-day (red) moving mean appears to person moved distant from its caller horizontal path, and present seems to beryllium trending upward.

BTC/USD – Daily Chart

In summation to this, the Relative Strength Index (RSI) broke the absorption of 56.43, which arsenic outlined yesterday, was a cardinal obstacle preventing bulls from re-entering.

Now that this has happened, the RSI is presently tracking astatine 61, however, a caller hurdle could beryllium awaiting it astatine the 65.20 area.

Aside from this, the skies look comparatively wide arsenic the terms of bitcoin looks to alert toward absorption of $45,000.

Ethereum

Ethereum was besides higher connected Tuesday, arsenic bulls erstwhile again pushed prices supra the $3,000 level.

ETH/USD broke past its caller absorption level of $3,022 today, arsenic it deed an intraday precocious of $3,115.69 earlier successful the session.

As of writing, ETH was implicit 6% higher connected the day, with the 14-day RSI besides moving beyond its ceiling astatine 51.64, and is presently 4 points distant from the adjacent constituent of uncertainty.

Today’s determination comes pursuing a debased of $2,867.31 to commencement the week, nevertheless with this new-found momentum, ethereum bulls could apt beryllium targeting the $3,300 region.

ETH/USD – Daily Chart

Similar to BTC, the 10-day moving mean seems to person been boosted by today’s swing, which volition apt springiness bulls further confidence.

Can today’s momentum proceed passim the week? Leave your thoughts successful the comments below.

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