BTC, ETH Close to 3-Month High to Start the Week – Market Updates Bitcoin News

Bitcoin and ETH both rallied Sunday night, with prices approaching their highest point in three months. BTC rose above $47,000 while ETH fell below $37,000 ETH crossed the $3,300 mark to begin the week.

Bitcoin

Bitcoin’s week began strongly with its prices exceeding $47,000, the highest level since January 1.

BTC/USD climbed to $47,245, an intraday record, as the prices reached their highest level since January 2.

Today’s move took place following the breakout of the $44,950 resistance level during Sunday’s session, with prices now targeting yet another ceiling.

Bitcoin bulls may be targeting $50,000 as the next goal, but first they have to defeat resistance at $48,200.

However, the chart shows the 14-day RSI indicator tracking at almost 70. It is in the most overbought area since October.

Bulls will have to overcome this obstacle as the price strength seems to be at an all-time high. Bears may still wait for the right time to enter.

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Ethereum

ETH has also rallied to multi-month highs on Monday, as the world’s second-largest cryptocurrency extended its recent gains.

Today’s gains saw ETH climb to an intraday high of $3,351.07, which is the most the price has hit since January 16.

Current ETH bulls might be a bit nervous about the upcoming limit of $3,390, which could hinder further upward momentum.

Like BTC, the 14 day RSI of ethereum at 71 is now overbought. That’s the highest point since September.

As ETH looks back at the $4,000 mark, the upcoming ceiling will likely be one of its biggest obstacles.

Are we likely to see more gains in spite of the overbought prices? Comment below to share your views.

Eliman Dambell

Eliman is an experienced market analyst with a diverse perspective. Eliman was a broker director and educator in retail trading.