Bitcoin was trading higher for a second consecutive session on Tuesday, which is the first time it’s seen back-to-back gains in over two weeks. ETH also climbed in today’s session, as bulls continued to re-enter the market.
Bitcoin
BTC trades higher Tuesday as markets continue to rebound from the recent lows.
Prices hit an intraday peak of $21,387.65 earlier in today’s session, less than a day after trading at a low of $19,905.48.
Today’s surge in price sees BTC/USD rise for back-to-back sessions for the first time since earlier in the month.
In the past few sessions bulls returned to the market in relative strength, some believing that prices may have reached their floor.
If the 14-day RSI falls back to its previous low of 19, further lows may still lie ahead.
This could see BTC’s price near as low as $15,000, however bulls will likely fight to prevent this from occurring.
Ethereum
Ethereum rose on Tuesday too, following recent lows.
The world’s second largest cryptocurrency climbed to an intraday high of $1,168.80 earlier, and this came as prices moved back above $1,000 on Monday.
Tuesday’s peak is almost $300 higher than last weekend’s lows, which saw ETH trade close to $850 for the first time since January 2021.
As we write, ETH/USD trades close to $1,170 as a resistance level. The RSI is also near a ceiling.
Despite these gains, price strength is still somewhat limited. We may not see any immediate rallies unless there’s a substantial surge in the RSI.
If a breakout were to happen, however, the most likely target for bulls would be $1,700, which is now playing the role as resistance.
Is ETH likely to reach $1,700 by the end of this month? Comment below to share your views.
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