Ethereum rallied to a fresh three-week high to start Saturday’s session, however gains eased as the day progressed. Market sentiment is bullish and the token still trades at above $1700. Bitcoin also experienced an identical day. After a failure to breakout of the key resistance level, it lost its steam.
Bitcoin
Bitcoin (BTC) continued to trade above $21,000 on Saturday, however yesterday’s bullish momentum had marginally faded.
BTC/USD rose to a high of $21,613.86 earlier in today’s session, however prices then fell to an intraday low of $20,651.06.
It was not able to overcome its resistance of $21,600 and the token suffered a decline as bears tried to stop the trade.
As you can see, the decline is due to the fact that the 14-day relative strengths index (RSI), seemed to have collided at 55.40 with a resistance.
At the time of writing bitcoin was trading at $21,356.34. As momentum slows down, but until the RSI moves above the aforementioned ceiling it might not show any significant gains.
The 10-day (red-colored) moving average has been poised to cross with the 25-day counterpart (blue). This could also be a catalyst for price increases.
Ethereum
Ethereum (ETH) rose largely to the top of the weekend as it surpassed its resistance level.
Saturday saw the world’s second largest token climb to a peak of $1,739.43. As prices surpassed a ceiling of $1,700, this was possible.
There were some drops since the high. The current trading price of ETH/USD stands at $1721.15.
It appears, like bitcoin, that bulls chose to close their previous positions to secure profits as the market became more uncertain.
This chart suggests that volatility may have been caused by the 14 day RSI. The index is now at 58.00 and close to 60.00.
Bulls will continue to aim for $1,800. However, in order to achieve this goal, price strength must overcome the upcoming hurdle.
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