Bitcoin and ETH both rose to nine-day highs on Wednesday, as bulls continued to push prices higher following yesterday’s rebound. BTC surpassed the $3,150 ceiling and moved up to $42,000.
Bitcoin
BTC gained for the third session Wednesday as bulls continued pushing prices higher after a weekend of selling.
The world’s largest cryptocurrency is now up by over $3,000 since Monday’s low of $38,551, and as of writing, is over 3% higher on the day.
Today’s price surge raced to an intraday peak of $42,126.30, which is its highest point since April 11.
This follows on from yesterday’s bottom of $40,575, and comes as the long-term resistance of $41,175 was broken.
The chart shows that the 10-day moving mean has started to change direction following a downward trend.
We could see bulls returning if this momentum shifts. This would push the price higher towards $42,600 resistance.
Ethereum
BTC gained again for the third session. The price is still below its recent support level of $2,950.
Following a low of $3,054.56 on Tuesday, ETH/USD surged to an intraday high of $3,157.89 during today’s session.
This high saw the world’s second-largest cryptocurrency move past its recent price ceiling of $3,150, hitting its highest level since last Monday as a result.
Look at the chart. Resistance at 49.90 on the Relative Strength Index, (RSI), was also broken. The price strength has now tracked at a tenth-day high.
Now, price strength is at 51. With bulls hoping to take this potential to the ceiling, 55 could prove to be an important two-week peak.
This would mean that ETH/USD could trade at $3,300.
Will ETH be able to overcome this resistance by the weekend’s end? Please leave your comments.
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