Ethereum reached a record high of $3,000 for the month on Tuesday as the cryptocurrency market rose nearly 4%. Bitcoin was also higher during today’s session, moving to its highest point in over three weeks.
Bitcoin
Bitcoin rose to its highest level in three weeks on Tuesday, as the world’s largest cryptocurrency climbed beyond the $43,000 level.
Following a low of $40,850.91 during Monday’s session, BTC/USD rose to an intraday high of $43,389 during today’s session.
This represents the highest BTC traded level since March 3, 2017, when prices plummeted from $45,000.
Tuesday’s surge in price comes as the 14-day RSI moved past its recent ceiling of 54.40, and is now tracking at 57.7, which is another multi-week high.
Looking at the chart, today’s move sent prices close to a short-term resistance level of $43,425, which triggered a pullback, as bulls likely secured some gains.
Also, the 10-day and 25day moving averages continue to show upward momentum. This could indicate bulls are on track for $45,000 over the next few days.
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Ethereum
ETH was up by 2.3% as of writing, as the world’s second-largest cryptocurrency extended its recent gains
The intraday high for ETH/USD was $3,022.21, a slight increase from the $3,020 long-term resistance.
This means that ethereum has risen almost 20% in the past seven days after an 8-session run which saw it increase.
The price strength index has reached its peak, and is now above 60 on the 14-day RSI indicator, the highest since February 9.
We are now overbought and prices trade at historically bearish resistance levels, so the scene could change for a reverse.
What is the price target for ETH bulls if there’s continued upward momentum? Comment below to share your views.
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