Bitcoin rallied more than 10% after a weekend of trading below $20,000 to recover this level. Cryptocurrencies were mainly in the green to start the week, as bulls seemingly bought the weekend’s dip. ETH was almost 15% higher in today’s session.
Bitcoin
Bitcoin recovered from the recent drop to begin the week. Prices were trading at or above $20,000 once more.
Following a low of $19,232.30 during Sunday’s session, BTC/USD has rallied to an intraday high of $20,913.32 on Monday.
This rally saw the world’s largest crypto token regain momentum, after falling to its lowest level since December 2020 over the weekend.
Despite today’s gains in price, BTC still remains in a downward slope, and is down 15% from its value at the same point last week.
Prices are trading near a support level of $20,000.500 as of this writing. This is because bulls decided to make gains rather than holding onto positions that were higher at the time.
This was also the time that the 14-day RSI reached its resistance level of 29. This has been a historical trend to thwart price rises.
Ethereum
ETH was trading below a key level over the weekend, however it also managed to surge in today’s session.
Monday was a day that saw the ethereum price rise almost 15% to its peak. It reached an intraday high at $1,159.99
ETH plunged to an all-time low of $885 on the weekend. It is now the lowest level since January 2021.
Similar to BTC, ethereum encountered a stumbling block in today’s session, as bulls fled their positions as the RSI reached a point of resistance.
The 30.20 ceiling was reached. It coincided also with another resistance at the $1.150 mark, which seems to act as an exit zone.
The current price of the prices is $1,130 at writing. That’s because bulls have opted out of trades in these uncertain areas.
What happens if ETH falls below $1,000 in any week? Please leave your comments.
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