Ethereum’s price rose once more on Monday as it moved to $1,500 due to recent gains. Bitcoin prices were also up, with close to $1,500 in the green after soaring above $22,000 at the beginning of the week.
Bitcoin
Bitcoin (BTC) was in the green to start the week, as the weekend’s bullish momentum continued in today’s session, sending prices over $22,000.
Following Sunday’s low of $20,778.18, BTC/USD surged to an intraday peak of $22,430.62 earlier today.
Although bitcoin has briefly escaped a critical resistance level just once in less than ten days, it remains to be seen if that surge will continue.
The resistance around $22,300 is a major stumbling block for price growth. Bears tend to re-enter at this point.
The chart shows that this is already happening. This happens when bullish pressure turns bearish and traders choose to make gains over their previous positions.
It also happens at the same time that the 14-day RSI reaches a ceiling at 55. That is its highest point for over three months.
Ethereum
Ethereum (ETH), the biggest gainer of all the top tokens, raced to a new one-month high on Monday. However, it also climbed by almost 10%.
The week began with Ethereum hitting an all-time high of $1493.23 Monday. This is the highest level since June 12.
This top comes after six consecutive highs. ETH climbed past key price barriers during this period.
Last of all, the resistance point at $1,300 was reached on Saturday. This opened the floodgates to an onslaught bulls.
As with bitcoin, the 14 day RSI indicator now tracks at a high three-month peak above 65. In past years, it was a point that caused uncertainty.
Although prices are very close to $1,500, it seems that the bulls have their sights set on this point.
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