On Tuesday, cryptocurrencies traded lower as investors were focused on rising commodity prices. The price of crude oil rose to over $130 per barrel, a new high for the year. Gold was close to its all-time record.
Bitcoin
Bitcoin was trading below $40,000 on Tuesday, as the volatility surrounding the war in Ukraine continued to impact the world’s largest cryptocurrency.
Following a low of $37,260.20 during yesterday’s session, BTC/USD had a higher low of $37,851 so far today.
The price has since rallied, with bitcoin hitting an intraday high of $39,230, which is 0.80% lower than Monday’s peak.
This move comes as the newly found floor of $37,600 once again held firm, after several attempts at breakouts during last night’s session.
Despite tracking at 45.6 today, it is still marginally oversold. However, the 14 day RSI seems to be headed towards the 47 level which in the past has acted as resistance.
If price strength reaches this level, BTC/USD will likely trade close to $40,000, with bulls likely to rally if it breaks.
Ethereum
ETH continued to show a sense of consolidation, hovering marginally higher than its $2,550 long-term ceiling.
As of writing, ETH/USD was trading at $2,575.98, which is 1.65% lower than Monday’s peak of $2,634.25.
The chart shows that the Relative Strength Index for 14 days is at 42.62 after an initial break above resistance at 41.80.
Like February 27, historical data has proven that big swings in the price strength occur at this point. Bulls are likely to remain on the sidelines until there is a shift in momentum.
The possibility of this happening is if both the 10-day- and 25-day moving mean cross. It seems likely due to their close proximity.
Are there enough moving averages to create a bull market in Ethereum? Please leave your comments.
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