Ethereum rallied on Saturday, as the world’s second-largest cryptocurrency moved closer to the $3,000 level. Global crypto market cap had risen by over 4% as of this writing. With bitcoin rising nearly 3.5%, it was almost 4%.
Bitcoin
After a week of volatility, Bitcoin (BTC), climbed to $42,000 above the previous seven days.
Markets were trading with high levels uncertainty after the Fed rate rise. But, now that markets have moved beyond this news, it seems like bitcoin bulls are back.
BTC/USD reached $42,195.74 as of the writing of this article, after an intraday low at $40,402.06, 24 hours earlier.
Today’s surge has seen the 10-day (red) and 25-day (blue), moving averages cross, however, the direction of the crossover remains in doubt, due to recent price uncertainty.
The chart shows that bitcoin is now below the $42,080 long-term resistance, which was reached on February 28, 2018. This point has been held in place since then.
The 14-day RSI is also at a resistance level 55.4. If both hurdles are cleared, some could target a $45,000 BTC point.
Ethereum
Ethereum (ETH) reached its highest point in two weeks Saturday as the price of Ethereum rose for a sixth straight session.
Ethereum traded last week primarily near $2,550 support, but markets have been consistently moving away from that level since Wednesday.
On Saturday, ETH/USD came within a stone’s throw away from the 3K mark, as prices hit a peak of $2,973.62.
With the RSI indicator continuing to move past obstacles, and now tracking at a six-week high, the expectation is that we will see ETH at $3,000 before the end of today’s action.
However, this could be a bear trap. History has shown that there have been several market reversals at this time.
If ethereum reaches $3,000, will it continue climbing? Please leave your comments.
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