Bitcoin, Ethereum Technical Analysis: ETH Hits $1,600 as Crypto Surge Continues on Tuesday

Ethereum roseate for a seventh consecutive league connected Tuesday, arsenic prices concisely climbed supra the $1,600 level. This determination saw the token deed its highest level successful implicit a month, and came arsenic bitcoin besides reached a astir five-week peak, pursuing gains made earlier today.

Bitcoin

Bitcoin (BTC) was up to commencement today’s session, nevertheless bullish momentum began to fade, arsenic prices ran into immoderate resistance.

On Tuesday, the world’s largest token roseate to an intraday precocious of $22,795.04, arsenic traders continued to provender disconnected of the caller bullish sentiment.

This sentiment saw BTC/USD emergence to its highest level since June 12, erstwhile prices were successful the midst of falling from a precocious of $30,000.

Although immoderate traders stay optimistic of a pending determination backmost towards those levels, it seems arsenic though prices whitethorn person reached a ceiling.

Following earlier highs, gains person somewhat eased, with BTC present trading astatine $21,858.14 arsenic of writing, arsenic bulls apt liquidated erstwhile positions.

This diminution comes arsenic the 14-day RSI failed to determination past its ain absorption constituent of 55, and arsenic of penning is tracking astatine 52.7.

Ethereum

On the different hand, bullish sentiment successful ethereum (ETH) was chiefly contiguous passim the session, aft securing earlier highs.

As of writing, ETH roseate to an intraday highest of $1,607.03 successful today’s session, which is its highest constituent since July 12 also.

Similar to bitcoin, determination has been immoderate nett taking, with prices present trading astatine $1,525.80, nevertheless the token is inactive higher than Monday’s top.

Looking astatine the chart, the flimsy diminution successful terms comes arsenic the 14-day RSI moved somewhat distant from its three-month precocious of 69.79.

The scale is presently tracking astatine 65.09 arsenic of writing, and looks to beryllium headed for a enactment level astatine 64.20.

Should it autumn beneath this, past we could spot a bullish sentiment shift, nevertheless bulls volition apt defy this, and look to support upwards pressure.

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Will caller bullish momentum successful crypto slice arsenic the time progresses? Leave your thoughts successful the comments below.