Bitcoin traded at the highest levels in five days, reaching its peak on Tuesday as prices soared past a critical resistance level. Ethereum also rallied to a similar milestone earlier in today’s session, as cryptocurrency markets continue to move away from recent bearish sentiment. The global market capitalization is currently trading at 0.38% more as of this writing.
Bitcoin
Bitcoin rose to its highest in five consecutive days Tuesday after bearish sentiments began to fade.
BTC/USD hit an intraday high of $19,667.00 earlier in today’s session, which follows up from Monday’s bottom of $19,427.00.
This move saw the price rise above $19,550 and hit its highest point since Friday.
Looking at the chart, today’s move comes as the 14-day relative strength index (RSI) continues to trade above its ceiling of 48.50.
Although the index has been tracking at 51.18 as of this writing, earlier bulls sold some positions. Prices are trading at $19584.52, slightly less than they were at 51.18.
Despite this slight decrease in price, bulls are likely to continue targeting $20,000, which hasn’t been hit since October 6.
Ethereum
BTC was also higher than ethereum, which traded above $1,300 on Tuesday.
Following a bottom of $1,315.31 to start the week, the token raced past a key ceiling, on its way to today’s peak of $1,339.09.
The $1,330 ceiling has been mostly in effect for the past fortnight. However, ETH/USD have moved lower than the earlier breakout.
The world’s second largest cryptocurrency is now hovering slightly below today’s peak, at the $1,326.75 mark.
Similar to bitcoin, ETH bulls experienced some retraction as market uncertainties increased close to the resistance.
Bulls will overcome the current Turbulence and the next target area for ethereum investors is likely to be near $1,380.
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After failing to maintain its current resistance, could ethereum be able to move lower? Please leave your comments.
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