Following an extended period of bearish pressure, bitcoin’s price surged on Wednesday, as bulls returned to the market. ETH also rose, reaching a 5-day high.
Bitcoin
Bitcoin finally broke above its recent price ceiling on hump-day, leading to the world’s largest cryptocurrency snapping a six-day losing streak.
Following a low of $38,235.74 earlier in today’s session, BTC/USD surged beyond its resistance level at $40,000 as crypto prices rebounded across the board.
BTC/USD has risen nearly 9% since the time of writing. It reached an intraday peak of $42,352.69
This represents the highest BTC trading volume since Friday last week, when prices had risen to $37,600.
Wednesday’s surge in price comes as the 14-day RSI broke free of its own resistance point of 46.70, and is currently tracking at 55.10.
Bulls may attempt to reclaim the $45,000 ceiling if the price continues to rise. This is likely to happen for the first-time since March 2nd.
Ethereum
ETH is now up more than 6% after a string of consolidation over the past four sessions.
As of writing, ETH/USD is trading at $2,739.56, which is marginally lower than today’s peak of $2,761.80.
Looking at the chart, today’s surge has taken the price of ethereum close to its interim resistance point of $2,800.
This is likely to be the biggest obstacle for bulls in reaching $3,000 and the upcoming RSI ceiling at 50.75.
Bulls are likely to have been supported by the 10-day or 25-day moving Averages which appear set for crossing soon.
Are we likely to see ETH trading at $3,000 next week? Comment below to share your views.
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