BTC gained on Tuesday after recent losses as the bulls seemed to be back in cryptocurrency markets. In addition to bitcoin, ETH also moved away from yesterday’s low below $2,900, with price now hovering close to $3,100.
Bitcoin
BTC finally rose on Tuesday following several days under bearish pressure. It climbed back to $41,000 after which point it was halted.
The world’s largest cryptocurrency was up by as much as 5% earlier in today’s session, rising to an intraday high of $41,146.89 in the process.
Tuesday’s price surge comes following a bottom of $39,123.16 on Monday, which was the lowest BTC/USD had traded since March 15.
BTC trades at $48,926.77 as of this writing. This is slightly lower than its earlier highs and comes after traders profited from resistance.
The chart shows that the ceiling is located at $41,175, which has halted three of the previous attempts at sustained breakouts.
Despite prices failing to breakout, price strength has, with the 14-day RSI trading marginally above the 44 resistance, which could be a good indication for bulls looking to sustain today’s pressure.
Ethereum
ETH was also trading higher on Tuesday, moving away from its multi-week lows in the process of today’s rally.
As of writing, ETH/USD raced to an intraday peak of $3,080.79 earlier in today’s session, which is roughly 4% up from yesterday’s low.
Monday’s bottom of $2,903.24 fell below the long-term price floor of $2,950, and hit its lowest point since March 22.
Despite today’s rally, the 14-day RSI continues to hover below its ceiling at 50, and is currently tracking around 47.50.
Bulls are happy with this news, but any price gains beyond $3,150 will be met resistance.
If enough momentum is present to surpass both the point and the 49 RSI levels, ETH could be heading toward $3,300.
Is the current consolidation of ETH overdone? Please leave your comments.
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