Bitcoin was higher for a second consecutive session, as the world’s largest cryptocurrency was pushing towards the $40,000 level. Ethereum rallied as well, moving away from the three-week low.
Bitcoin
Bearish pressure seems to have eased in BTC, as bulls were firmly present to start Wednesday’s trading session.
Following a low below $36,400 yesterday, BTC/USD hit an intraday high of $38,917.27 earlier in today’s session.
This move brings bitcoin closer to $40,000, the level it was breaking below Monday due to rising tensions between Russia and Ukraine.
The chart shows that the 14-day RSI is now at 43.73. This is slightly below the resistance at 44.74.
Bulls hoping BTC will reach $40,000 in price strength will wait to see whether the momentum from the past two days continues. In this case, bulls could consider boosting the price power even more.
An initial phase of tentative actions around the current level may be seen until we see a complete break with this ceiling.
Ethereum
ETH also moved higher, as the world’s second largest cryptocurrency rallied away from recent lows.
After reaching an intraday peak of $2741.30 on Monday, the ETH/USD was up nearly 3% as of this writing.
Also, price strength increased with the 14-day RSI moving beyond 40 as its resistance level. The current tracking position is at 43.35.
The climb is not without its limitations. However, the 44.42-level level, which was reached by bears who lived there in the past, remains a significant hurdle.
Now, markets wait to see what the future holds, or if they will make a comeback, potentially heading for $3,000.
Are these gains likely to continue through the last part of this week? Please leave your comments.
Credits for the imageShutterstock. Pixabay. Wiki Commons
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