Crypto markets were back in the green on Tuesday, as bearish pressure marginally eased during today’s session. Ethereum rallied above $1600 in the morning, just 24 hours after it was close to breaking below $1500. Bitcoin also moved above the $21,000 mark.
Bitcoin
Bitcoin (BTC), prices traded marginally higher Tuesday as cryptocurrency prices rebounded after recent losses.
After a week-opening low of $20.955.14, BTC/USD climbed to $21,521.70 an hour earlier.
Tuesday’s move comes as prices continue to move away from a key support point of $20,800, as bulls attempt to reject a breakout.
The chart shows that the rebound occurred after another attempt at breakout failed on the 14 day relative strength index (RSI).
The floor, which is the 37.40 level of the indicator, held firm in today’s session, and as of writing is tracking at 38.48.
Although the market has slowed slightly, there is still a lot of bearish momentum. This can be clearly seen in both 10-day (red), and 25-day(blue) moving Averages. These continue to trend down.
Ethereum
Like bitcoin, ethereum (ETH) also rose in today’s session, as the token once again climbed above $1,600.
ETH/USD, which was at a low of $1,553.45 to start the week, rose higher in today’s session, moving to a peak of $1,632.75.
Tuesday’s move comes as ethereum also moved away from its recent support point of $1,550, with bulls now seemingly attempting to recapture the $1,700 point.
Bullish sentiment has remained marginally active, despite the fact that BTC has not seen a down crossover in moving averages.
The RSI rebound helped this, rising from a low of 43.60 to a high of 44.50.
If ETH bulls wish to recapture $1,700, price strength would likely have to shift towards a limit of 49.
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