ETH briefly rose above $2,000 on Tuesday, as crypto bulls were once again present in today’s market session. BTC was also higher, with the world’s largest cryptocurrency climbing to its highest point in nearly three weeks.
Bitcoin
Bitcoin reached its highest point in almost three weeks Tuesday as cryptocurrency prices rallied after recent losses.
The week began with a low at $29,363 and then BTC/USD continued to climb to $31,949.63.
This is the most bitcoin traded level at since May 9, 2009, when Bitcoin was on a 4-day downtrend starting from $45,000
This point was easily broken today after Monday’s attempt to break the $30,500 resistance. But, price uncertainty seems to be already beginning to creep in.
The chart shows that we have fallen below our previous highs. Additionally, the 14-day RSI, relative strength index, is now at 50.
Relative strength hasn’t moved from this point in nearly two months, but should we see this finally happen, the long climb back towards $40,000 may have truly commenced.
Ethereum
Ethereum’s long climb back to $2,000 started and ended today, as ETH briefly recaptured this point, before tailing off as the session progressed.
The intraday peak of ETH/USD was $2,005.49, just 24 hours after the low of $1.877.64.
Today’s gains see ethereum climb by over 10% in the last two sessions, with a recent resistance level being broken in the process.
The $1,950 level is now gone, but bears are not completely dead.
You can see that bulls in the past have taken profits after the resistance has been overcome, giving bears the incentive to return.
ETH trades at $1,977.11 following earlier highs. This comes as the 44.50 ceiling of the RSI remains firm despite recent breakout efforts.
Were bulls able to overcome the current turbulence and push ETH further? Please leave your comments.
Image creditShutterstock. Pixabay. Wiki Commons
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