Bitcoin, Ethereum Technical Analysis: Ethereum Surges 10% to Start February

Cryptocurrencies traded higher to commencement the period of February, arsenic markets look to hide January’s reddish wave. ETH is trading adjacent to 10% higher arsenic of writing, with bitcoin gaining astir 4% today.

Bitcoin

Bitcoin, which fell by arsenic overmuch arsenic $16,000 past month, has precocious started to regain immoderate steam, climbing by implicit 11% successful the past week.

This momentum continued into February, with BTC/USD hitting an intraday precocious of $39,026.79, its highest level since January 21st.

Today’s determination saw its 14-day RSI ascent supra the absorption level of 40, and is presently racking astatine 41, which is the highest terms spot has recorded successful the past 20-days.

As a effect of this rally, prices person marginally breached retired of the semipermanent descending triangle channel, with galore present expecting an imminent emergence to $40,000.

BTC/USD – Daily Chart

Looking astatine the illustration above, though the RSI has moved past the level of 40, determination inactive appears to beryllium important absorption astatine existent levels, which could perchance origin immoderate bulls to tread carefully.

Once a afloat interruption yet takes place, BTC/USD whitethorn caput to arsenic precocious arsenic $44,000.

Ethereum

ETH was besides higher to commencement the caller month, and was 1 of the large movers wrong the apical 10 ranked cryptocurrencies.

Following a debased of $2,556.16 connected Monday, ETH/USD roseate to an intraday precocious of $2,788.90 during today’s session, which is simply a 10-day high.

This move, which sees ETH trading astir 10% higher, comes aft it broke retired of the $2,600 absorption level, which was successful spot since January 21st.

ETH/USD – Daily Chart

Similar to BTC, ethereum is present adjacent to a constituent of uncertainty wrong the 14-day RSI, and this volition apt enactment arsenic a short-term hurdle to further increases successful price.

If this absorption is broken, however precocious could ETH go? Leave your thoughts successful the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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