Bitcoin, Ethereum Technical Analysis: ETH Back Above $2,100, as BTC Rebounds From 1-Week Low

Ethereum moved backmost supra $2,100 connected Tuesday, arsenic markets reacted to the latest gross home merchandise (GDP) study from China. Chinese GDP roseate by 4.5% during the archetypal 4th of the year, higher than the 4% expected. Bitcoin rebounded from earlier losses.

Bitcoin

Bitcoin (BTC) rebounded from a one-week debased connected Tuesday, arsenic markets reacted to the latest gross home merchandise (GDP) study from China.

BTC/USD dropped to a debased of $29,154.85 earlier successful today’s session, earlier climbing to a highest of $29,944.78 arsenic the time matured.

The debased sent bitcoin to its lowest constituent since April 10, which is erstwhile terms was past beneath $29,000.

BTC/USD – Daily Chart

Looking astatine the chart, the rebound has travel arsenic the 14-day comparative spot scale (RSI) bounced from a level of 59.00.

Currently, terms spot is tracking astatine the 61.91 mark, with the adjacent disposable ceiling astatine the 65.00 level.

BTC volition apt beryllium trading supra $30,200 should the RSI scope this upcoming destination.

Ethereum

Ethereum (ETH) was backmost supra the $2,100 level successful today’s session, arsenic the token remains adjacent an eleven-month high.

Following a debased of $2,057.65 to commencement the week, ETH/USD raced to an intraday precocious of $2,109.58 earlier successful the day.

Today’s highest is marginally little than Sunday’s precocious of $2,142, which is the strongest constituent that ethereum has deed since past May.

ETH/USD – Daily Chart

Similar to bitcoin, this rebound took spot arsenic the RSI jumped from its ain enactment constituent astatine 68.00.

As of writing, the scale is present astatine the 70.24 mark, with a absorption constituent astatine 75.00 a imaginable destination.

Should it deed the mark, determination is simply a bully accidental that ethereum could determination implicit $2,200.

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Do you expect that ethereum volition surge successful the coming days? Leave your thoughts successful the comments below.

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