After weeks of market turmoil, Ethereum reached $3,000 on Tuesday as cryptocurrency bulls returned full force. Bitcoin rallied as well, reaching $45,000 with cryptocurrency markets trading at over 14% above.
Bitcoin
The world’s largest cryptocurrency was one of the biggest gainers in the top ten on Tuesday, as bullish sentiment once again returned to markets.
Following a low of $39,649.06 yesterday, BTC/USD hit an intraday high of $44,793.60 earlier in today’s session.
BTC has risen 15.20% since the time of writing. Its price traded at its highest level since February 17th.
Looking at the chart, Tuesday’s move has pushed the price of bitcoin close to a key resistance point of $45,043, a level which hasn’t truly been broken since early January.
With prices moving closer to resistance, profit takers have naturally entered, as such today’s candlestick has lost some of its earlier depth.
The price strength has also been somewhat overbought. It is currently at 60. This is nearly a three week high.
Bullish pressure is likely to continue, up until a slight break of $45,000.
Ethereum
Tuesday’s trading session saw ETH trade at multiweek highs. Some are now expecting further gains.
ETH/USD hit an intraday high of $3,029.72 during the session, which is almost 14% higher than yesterday’s low of $2,620.38.
Today’s move follows a breakout of the $2,882 resistance, which took place for the first time since February 18.
Also, the 14-day RSI saw a break, with price strength racing past the 47.9 level and now tracking at 54.81.
Bulls will be likely to target the $3,200 region, which in the past has been resistance. There will be some volatility between now and then.
What do you think about the likelihood of this price increase continuing throughout the week. Please leave your comments.
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