After rising to a multi-week high over the weekend, ethereum consolidated on Monday, as market uncertainty increased ahead of tomorrow’s Merge. The token, which continues to trade above $1,700, fell from Sunday’s high, as bulls likely liquidated previous positions. Bitcoin rose for the sixth consecutive session, and remained at an all-time high.
Bitcoin
Bitcoin (BTC), which rose for the sixth consecutive session, opened the week with a bullish sentiment.
BTC/USD rose to a high of $22,244.38 earlier in today’s session, less than 24 hours after trading at a low of $21,493.03.
Today’s rally sees the token now up by over 12% in the last seven days, with some expecting further surges this week.
The chart shows that price strength has moved towards the overbought zone due to recent bullish sentiment.
At the time of writing, the 14 day relative strength index (RSI), currently tracks at 59.67. This is following a recent break of the 55.40 resistance.
Additionally, the 10-day (red-colored) moving average is at the tip of a cross to its 25 day (blue) counterpart. This could lead to further increases in prices.
Ethereum
Ahead of the start of tomorrow’s Merge, ethereum (ETH) consolidated on Monday as traders prepared for the event.
Following Sunday’s peak of $1,782.73, ETH/USD dropped to an intraday low of $1,721.63 earlier today.
In anticipation of rising volatility in the next days, bulls may have made earlier gains. This led to the decline.
As at writing, prices are up from yesterday’s low, with ETH trading now at $1751.34.
This happens as bullish sentiment continues to be strong, due to a recent cross between moving averages of the 10-day (red) and 25 day (blue).
It appears traders’ target is still $1,800. This could change if the RSI rises above its ceiling of 60.00.
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