After falling over the weekend, Bitcoin and Ethereum prices rose on Monday. As Russian aggression of Ukraine intensified, cryptocurrency traders seemed more cautious this weekend. However, some bulls appeared to be back to begin the week.
Bitcoin
Bitcoin ended two consecutive sessions of decline to start the week, as the world’s largest cryptocurrency seemed to have found its price floor.
BTC/USD hit an intraday low of $37,268.98 earlier in today’s session, with prices now climbing towards resistance above $40,000.
After prices reached $37,000 support on Sunday (the lowest BTC level since Friday), the rebound occurred.
Looking at the chart, Monday’s move comes just as the 14-day RSI has marginally broken past its own ceiling at 46, and is currently tracking at 47.84.
This is in addition to the fact that the momentum of 10-day moving averages (red), has moved in a sideways trajectory, which may indicate a possible upward shift in direction.
BTC currently hovers at $40,000 on the margin, which is a sign that there has been a lot of price uncertainty in the past.
These bears are often found in the area and bulls may try to avoid them.
Ethereum
The price of ETH was also higher to start the week, with a support level also being established within the world’s second largest cryptocurrency.
Although ETH/USD trades higher today than yesterday’s close, it is still trading at 2.92% less than yesterday when prices dropped to $2,581.62.
This low was close to ETH’s long-term floor of $2,550, and as we neared this floor, bulls pushed prices up away from these levels.
As such, ETH/USD reached an intraday peak of $2.748.15 to begin the week. Some believe that it may soon regain the $2.900 resistance.
This could be prevented by the fact that the RSI’s 14-day limit of 48 has been reached.
Are bulls able to push the price up beyond current levels? Comment below to share your views.
Images CreditsShutterstock. Pixabay. Wiki Commons
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