Bitcoin, Ethereum Technical Analysis: ETH Remains Above $1,200, Despite Market Volatility Increasing

ETH has managed to stay supra the $1,200 level connected Tuesday, contempt an summation successful terms uncertainty successful crypto markets. BTC fell beneath $21,000 successful today’s session, arsenic the planetary crypto marketplace headdress fell by arsenic overmuch arsenic 2% earlier today.

Bitcoin

Following a marginally bearish commencement to the week, downward unit intensified successful today’s session, sending bitcoin somewhat lower.

The world’s largest crypto token fell to an intraday debased of $20,577 during Tuesday’s session, little than 24 hours aft nearing $22,000.

Today’s diminution comes pursuing a emergence of bearish sentiment, with traders seeing yesterday’s determination by bulls to unafraid gains arsenic a motion of weakness.

As such, those looking for downward opportunities utilized that arsenic a awesome to re-enter the market, pushing prices marginally little successful the process.

One of the main catalysts for this alteration successful sentiment is the 14-day RSI, which failed to interruption retired of its cardinal absorption level of 35.70 connected Monday.

As of writing, BTC/USD is present trading astatine $21,011.48, nevertheless it’s inactive 1.03% little than yesterday’s peak, and whitethorn not regain bullish momentum until this ceiling connected the RSI is broken.

Ethereum

ETH managed to enactment supra $1,200 for the bulk of today’s session, contempt attempts from bears to nonstop prices adjacent lower.

Although ETH/USD dropped to an intraday debased of $1,170.23 earlier successful Tuesday’s session, bulls were capable to determination prices distant from this floor.

As of writing, ETH is present trading astatine $1,226.05, which is somewhat little than yesterday’s precocious of $1,228.88.

Recent momentum has seen ethereum ascent by arsenic overmuch arsenic 7% wrong the past 7 days, and has led to the 10-day moving mean showing signs of imaginable further gains.

Should this short-term momentum proceed successful this trajectory, we volition inevitably spot an upwards cross.

This could beryllium the catalyst that sends prices of the world’s 2nd largest cryptocurrency backmost supra the $1,300 level.

Could July beryllium a period for bulls to regain momentum successful crypto markets? Leave your thoughts successful the comments below.