Ethereum remained above $2,900 to start the week, as the world’s second largest cryptocurrency consolidated its recent gains. Bitcoin was also consolidating, as it continued to trade above $41,000 during Monday’s session.
Bitcoin
BTC prices remained above $41,000 despite a market selloff last week. Market bulls seem to be still holding on to their positions despite the decline.
Following a low of $40,668.04 earlier in today’s session, BTC/USD rose to an intraday high of $41,607.47 on Monday.
Although BTC is now trading around the $41,379 area, it remains 0.45% lower than yesterday’s high above the $42,200 ceiling.
Today’s session saw bitcoin fall below its floor of $40,580, which is its lowest level since last Friday, as markets were preparing for the weekend.
The chart shows that the price momentum reversed when BTC reached its $42,200 long-term resistance level, which led to bears entering the market.
This ceiling was not only reached, but the 14-day RSI also failed to surpass its 55 ceiling and is now at 51.5.
If this trend continues, bitcoin could drop below $40,000 within the next few days.
Ethereum
ETH was marginally lower than BTC, despite the fact that prices traded above $2,900.
On Monday, ETH/USD hit an intraday high of $2,934.69, as prices rebounded following a selloff during Sunday’s session.
The price of Ethereum fell when it approached $3,010, which is because traders seem to have close positions. This leads to a turnaround as we’ve seen previously at this level.
ETH/USD is up more than 14% over the past seven days, despite the reversal.
As bulls still seem to be at the level, this momentum may see more gains this week.
Is it possible that a complete ETH-exit will occur above $3,000 next week? Comment below to share your views.
Images CreditsShutterstock. Pixabay. Wiki Commons
DisclaimerThis article serves informational purposes. It does not constitute an offer, solicitation, or recommendation of any company, products or services. Bitcoin.com doesn’t offer investment, tax or legal advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the content or use of any goods, services, or information mentioned in the article.